WASHINGTON, D.C. – The United States Hispanic Chamber of Commerce (USHCC) reaffirms its support of the United States Mexico Canada Agreement (USMCA). This agreement will provide important and tangible economic benefits for the U.S. Hispanic business community. The USHCC urges Congress to ratify this agreement.
The government of Mexico under the leadership of President Andrés Manuel López Obrador recently took a key step by passing reform to their labor laws. This action was crucial to receive support from both sides of the aisle and the Administration. With Mexico’s action, Congress can now move USMCA forward and continue to strengthen trade and commerce in North America.
“This agreement is an extremely important step forward for the North American economy,” said Ramiro A. Cavazos, USHCC President & CEO. “Tri-lateral trade is essential for Hispanic Business Enterprises (HBEs), local Hispanic Chambers, and Fortune 500 Companies that we are proud to represent. We firmly believe that USMCA will create increased economic opportunities throughout North America. On behalf of the more than 4 million Hispanic owned businesses in the U.S., we encourage Congress to ratify this agreement. Mexico, our largest trading partner, has acted on labor reforms, and it now it is time for the U.S. to approve USMCA”.
USMCA provides the opportunity to strengthen economic ties in North America and boost the region’s economy. Specific provisions will help minority-owned small and medium-sized enterprises (SMEs) to gain access to 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 this agreement, in addition to funding educational resources to foster international trade among SMEs in the North American economy. The USHCC strongly supports this chapter, specifically for minority business owners, as a trilateral commitment to support small and mid-sized Hispanic Business Enterprises (HBEs).
USMCA is expected to significantly boost the U.S. economy. If ratified, the United States International Trade Commission projects that U.S. real GDP would grow by $68.2 billion and employment by approximately 176,000 jobs. Furthermore, exports to the world would increase $58.2 billion, with exports to Canada and Mexico projected to grow by $19.1 billion and $14.2 billion, respectively. Additionally, the average U.S. wage across all fields would grow about $150 per worker a year, with the largest wage increases expected in the manufacturing and mining sectors. With Hispanics making up 16.7 percent of the manufacturing industry, and 20.7 percent of the mining industry, it is clear that our community has a substantial stake in this agreement.
The USHCC stands strongly in favor of bipartisan support for the USMCA. The ratification of labor reform in Mexico represents an important step forward for the future of the North American economy and one that will have a multitude of positive effects for our members in the Hispanic Business Community.
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About the USHCC
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.