WASHINGTON, D.C. –The United States Hispanic Chamber of Commerce (USHCC) applauds North American leadership for signing the United States-Mexico-Canada Agreement (USMCA) at the G-20 Summit last Friday, November 30th, in Buenos Aires, Argentina. We further encourage the governments of each country to ratify the new trilateral trade deal.
The USMCA promises to strengthen economic ties in North America and boost the economy of the region. In particular, key provisions are likely to help minority-owned small and medium-sized enterprises (SMEs) access international markets. Under the USMCA, de minimis value levels are raised, allowing SMEs to export more goods without facing burdensome fees. In addition, Chapter 25 of the agreement establishes a ‘Committee on SME Issues,’ designed to help SMEs take advantage of commercial opportunities resulting from the USMCA. The USHCC applauds this chapter, which contains a provision specifically for minority business owners, as a trilateral commitment to support small and mid-sized Hispanic Business Enterprises.
“Tri-lateral trade is crucial for companies that have supply chains spanning North America. Those supply chains are often comprised of the small and mid-sized businesses that are the backbone of our American economy,” said USHCC President & CEO Ramiro Cavazos. “The USMCA, like NAFTA, may not be perfect, but it will have a sizeable economic impact with tangible benefits. On behalf of the USHCC, I encourage our members of Congress to ratify this agreement.”
The USHCC actively promotes the economic growth, development, and interests of more than 4.37 million Hispanic-owned businesses, that combined, contribute over $700 billion to the American economy every year. It also advocates on behalf of 260 major American corporations and serves as the umbrella organization for more than 200 local chambers and business associations nationwide. For more information, please visit ushcc.com. Follow us on Twitter @USHCC.