Page 15 - The South China Business Journal
P. 15
S. agricultural exports to Canada and Mexico
quadrupled from $8.9 billion in 1993 to $39 billion in 2017,
and the two countries are top markets for U.S. grains,
dairy products, meats, fresh fruits, and vegetables. Nearly
one-third of U.S. agricultural exports went to our North
American neighbors in 2017.
3. Brings trade into the 21st century
The USMCA includes some of the most innovative
rules ever achieved in a U.S. trade agreement. When
NAFTA was negotiated a quarter century ago, there
was no e-commerce, but the digital trade chapter
in the USMCA is the best ever negotiated, by any
country. Similarly, the new agreement protects classes
of intellectual property, such as biologics, that the old
NAFTA did not for the simple reason that they had not
yet been invented.
4. Boosts American small businesses
Canada and Mexico are the top two export
destinations for U.S. small and medium-sized
enterprises, more than 120,000 of which sell their goods
and services in our two North American neighbors.
When an American small business starts exporting, it’s
almost always to Canada or Mexico.
5. Powers the service economy
U.S. services exports to Canada and Mexico tripled
from $27 billion in 1993 to $91 billion in 2017, but
America’s highly competitive business services sector –
including firms in such fields as audiovisual, software,
architecture, accounting, engineering and project
management, banking, insurance, and many more –
continues to enjoy exceptional export growth.
The case for approval of USMCA is strong – it will preserve
and strengthen our trade ties to our two most important
export markets. We urge Congress to move quickly and
approve USMCA as soon as possible.■
South China Business Journal 12
quadrupled from $8.9 billion in 1993 to $39 billion in 2017,
and the two countries are top markets for U.S. grains,
dairy products, meats, fresh fruits, and vegetables. Nearly
one-third of U.S. agricultural exports went to our North
American neighbors in 2017.
3. Brings trade into the 21st century
The USMCA includes some of the most innovative
rules ever achieved in a U.S. trade agreement. When
NAFTA was negotiated a quarter century ago, there
was no e-commerce, but the digital trade chapter
in the USMCA is the best ever negotiated, by any
country. Similarly, the new agreement protects classes
of intellectual property, such as biologics, that the old
NAFTA did not for the simple reason that they had not
yet been invented.
4. Boosts American small businesses
Canada and Mexico are the top two export
destinations for U.S. small and medium-sized
enterprises, more than 120,000 of which sell their goods
and services in our two North American neighbors.
When an American small business starts exporting, it’s
almost always to Canada or Mexico.
5. Powers the service economy
U.S. services exports to Canada and Mexico tripled
from $27 billion in 1993 to $91 billion in 2017, but
America’s highly competitive business services sector –
including firms in such fields as audiovisual, software,
architecture, accounting, engineering and project
management, banking, insurance, and many more –
continues to enjoy exceptional export growth.
The case for approval of USMCA is strong – it will preserve
and strengthen our trade ties to our two most important
export markets. We urge Congress to move quickly and
approve USMCA as soon as possible.■
South China Business Journal 12
