Key players in the United States-Mexico-Canada Agreement (USMCA) met to beef up small business trade opportunities among those entities.
The USMCA was enacted on July 1, 2020 and substituted the North American Free Trade Agreement (NAFTA).
For the USMCA Dialogue Session, trade leaders, and hundreds of representatives from small businesses, met by webinar. Their focus was to brainstorm on ways to strengthen regional trade and investments in North America, so that more small businesses could realize its benefits.
Small Business USMCA Dialogue Held
Canada and Mexico are the top two destinations for US small business exports.
By the numbers, in 2019 (most recent year data is available), 87,000 US small businesses exported $59 billion worth of products to Canada.
In 2019, 52,000 small businesses exported $82 billion worth of products to Mexico.
Export Opportunities and Tools for Small Businesses
Do you have products that you believe are a great fit for the export trade?
If you want to start selling products to Canada, Mexico and/or other countries, the Small Business Administration (SBA) is a good starting point.
The SBA website has a section on trade tools, which small businesses can use to make it cheaper and easier to export. You can also find educational webinars there on the topics.
The USMCA has detailed information on the existing trade agreements and information on the best practices to employ for trading with Canada and/or Mexico.
What Is the USMCA Agreement?
The United States-Mexico-Canada Agreement (USMCA) is touted as a mutually beneficial win for North American workers, farmers, ranchers, and businesses. The Agreement creates more balanced, reciprocal trade supporting high-paying jobs for Americans and grow the North American economy.
Agreement highlights include:
- Creating a more level playing field for American workers, including improved rules of origin for automobiles, trucks, other products, and disciplines on currency manipulation.
- Benefiting American farmers, ranchers, and agribusinesses by modernizing and strengthening food and agriculture trade in North America.
- Supporting a 21st Century economy through new protections for U.S. intellectual property and ensuring opportunities for trade in U.S. services.
- New chapters are covering Digital Trade, Anticorruption, and Good Regulatory Practices, as well as a chapter devoted to ensuring that Small and Medium Sized Enterprises benefit from the Agreement.
Key Representatives from the USMCA Dialogue Session
The session was managed by SBA Office of International Trade Associate Administrator Gabriel Esparza, Deputy US Trade Representative Jayme White, Mexico’s Under Secretary of Foreign Trade Luz Mariadela Mora, and Canada Deputy Minister for International Trade David Morrison.
Image: Depositphotos
This article, “First Ever USMCA Dialogue Session Focuses on Small Business Benefits of Trade Deal” was first published on Small Business Trends