WASHINGTON, D.C. (Feb. 2, 2016) — The U.S. Coalition for TPP supports the negotiation of a comprehensive, high-standard and commercially meaningful Trans-Pacific Partnership (TPP) agreement that will open markets for U.S. farmers, manufacturers and service providers, increase U.S. exports, and support American jobs.
On Tuesday, the Asian/Pacific Islander American Chamber of Commerce & Entrepreneurship, U.S. Black Chambers, Inc. and United States Hispanic Chamber of Commerce expressed strong support for the Trans-Pacific Partnership in a letter to Congressional leadership.
Please find the full letter attached and online here.
Included below are additional statements from the president of each respective organization.
Javier Palomarez, President & CEO, United States Hispanic Chamber of Commerce
“In the interest of promoting economic growth and development for the 4.1 million Hispanic-owned businesses in our country, the USHCC is proud to stand alongside the National ACE and U.S. Black Chambers in supporting the Trans-Pacific Partnership on behalf of our respective communities. Small businesses are one of the primary drivers of job growth in the U.S., but too often trade barriers lock small businesses out of important foreign markets when they try to export. The USHCC is committed to helping our membership of Hispanic entrepreneurs – as well as all American businesses – make the most of TPP, which will help level the playing field in foreign markets, make it easier for small businesses to sell their goods, increase competition, and create opportunities for entrepreneurs to expand operations at home and abroad.”
Ron Busby, President & CEO, U.S. Black Chambers, Inc.
“The US Black Chambers, Inc. understand best that now more than ever we are living in a global economy, where with the help of technology business owners can sell their products to customers in every corner of the world. The Trans Pacific Partnership (TPP) supports businesses that rely on trade to deliver their products and services made in America to the rest of the world.
“Black business owners are the fastest growing segment in the small business community, in order to continue growing, Black businesses need broader access to foreign markets and suppliers; making TPP a critical part of Black business expansion in the global marketplace.”
Sach Takayasu, President & CEO, Asian/Pacific Islander American Chamber of Commerce & Entrepreneurship
“Many Asian Americans maintain strong business and personal ties to nations included in the proposed Trans-Pacific Partnership (TPP). For example, Vietnamese-American firms derive 7.5% of its revenue from exporting to Vietnam, which is 30 times greater than non-AAPI firms. Many of these entrepreneurs would welcome the opportunity to grow their businesses through trade and export opportunities with the TPP countries.”
THE FULL LETTER
February 2, 2016
The Honorable Mitch McConnell
U.S. Senate
Majority Leader
S-230, The Capitol
Washington, D.C. 20510
The Honorable Harry Reid
U.S. Senate
Minority Leader
S-221, The Capitol
Washington, D.C. 20510
The Honorable Paul Ryan
U.S. House of Representatives
Speaker
H-232, The Capitol
Washington, D.C. 20515
The Honorable Nancy Pelosi
U.S. House of Representatives
Minority Leader
H-204, The Capitol
Washington, D.C. 20515
Dear Majority Leader McConnell, Minority Leader Reid, Speaker Ryan, and Minority Leader Pelosi:
On behalf of the membership of the Asian/Pacific Islander American Chamber of Commerce & Entrepreneurship, U.S. Black Chambers, Inc. and United States Hispanic Chamber of Commerce, we are writing to express our strong support for the historic trade agreement reached between the United States and the 11 other nations that make up the Trans-Pacific Partnership (TPP).
Businesses of all sizes rely on trade to deliver the products and services made in America to the rest of the world. Businesses also rely on trade to import component parts made outside of America so that companies can then turn around and export a high-valued product finished in the U.S. With the implementation of TPP, American businesses will have a more level playing field and expanded access to a growing class of consumers of over 485 million in the TPP countries alone. This access will help businesses expand their workforces, while also lowering the price of many goods for Americans.
Minority firms are often at the vanguard of U.S. entry into markets. They are likely to speak a foreign language and have cultural or familial ties that facilitate U.S. investments in foreign countries. In fact, minority-owned firms are six times more likely to conduct business in a language other than English compared to non-minority-owned firms. Minority firms are also more likely to engage in exporting as part of their business in various high-value industries such as finance, professional services and technical services.
In the U.S., one in five jobs already relies on trade, and on average, jobs linked to trade pay 15-20 percent higher than non-trade related jobs. An increasing number of these companies are run or being created by minority citizens. According to the U.S. Department of Commerce, there are eight million minority-owned firms in the U.S., an increase of 38 percent since 2007. In order to continue growing, these companies must gain more access to foreign markets and suppliers; making TPP important now, more than ever, for minority business owners.
TPP is also of particular importance because among firms with export sales representing 20 percent or more of their overall receipts, minority-owned firms are twice as likely to export. Minority firms are also more than three times as likely to have businesses generating 100 percent of all their sales in exports compared to non-minority firms. Also, for the first time in a trade agreement, TPP includes a chapter specific to the needs of small and medium-sized businesses engaging in trade. This is in addition to broader commitments such as reducing customs paperwork and wait times at borders, which will benefit firms of all sizes but disproportionately impact small and medium-sized businesses.
We know that 95 percent of the world’s potential consumers live outside the United States and that the Asia-Pacific region is of increasing importance to the global economy. In order for American firms to continue to grow and prosper, they need better and more equitable access to the billions of middle class consumers around the globe. TPP can help level the playing field by lowering tariff and non-tariff barriers, strengthening trade-enforcement tools, advancing American-style rule of law and increasing transparency in the region.
We respectfully urge you to support this important and historic trade agreement.
Respectfully,
Asian/Pacific Islander American Chamber of Commerce & Entrepreneurship
U.S. Black Chambers, Inc.
United States Hispanic Chamber of Commerce
