For Immediate Release: August 19, 2011
Contact: Tim Truman (202) 482-3809
New mexico Rural and Small Businesses Have Opportunities for Growth Through Exports to Asia Pacific Region
Commerce Under Secretary Sánchez Highlights Impact of Exports to New Mexico Economy
ALBUQUERQUE, N.M. – Under Secretary for International Trade Francisco Sánchez today called on New Mexico businesses to consider the potential economic impact that exporting to Asia Pacific Economic Cooperation (APEC) member economies could have on their bottom lines. Sánchez delivered remarks at an APEC Road Show event that promotes opportunities for U.S. businesses to engage with APEC member economies during the United States host year.
“In order for a business to achieve its full potential, it’s no longer enough to target markets across town or across the state – you’ve got to access markets across borders and overseas,” Sanchez said. “The Asia Pacific region’s booming economy offers opportunities for your businesses, which will stimulate the local economy and create jobs here at home.”
APEC is the fastest growing region in the world. More than 60 percent of total U.S. exports go to fellow APEC members, and during the last five years, U.S. exports to APEC have grown by 30 percent.
“APEC economies have generated nearly 200 million new jobs and 70 percent of the overall global economic growth during the past decade,” Sánchez said. “APEC members increasingly represent the global economy of the 21st century.”
In 2010, New Mexico firms exported merchandise worth more than $1.5 billion. Four of the top five destinations for New Mexico exports in 2010 – Mexico, Canada, China, and Japan – are APEC economies, and accounted for more than 56 percent of the state’s merchandise exports.
Sánchez emphasized the passage of the U.S.-Korea trade agreement and successful completion of the Trans Pacific Partnership (TPP) negotiations will help achieve President Obama’s National Export Initiative goal of doubling U.S. exports by the end of 2014 while supporting several million jobs.
“The U.S.-Korea trade agreement represents an unprecedented opportunity to increase exports, support job creation, and bolster the American economy,” Sánchez said. “We see the TPP as the most credible pathway to Asia-Pacific regional economic integration that will help create and retain jobs here in the United States.”
Later today, Sánchez will host a roundtable meeting with area business leaders in Santa Fe. The discussions, part of the Obama Administration’s White House Business Council’s ongoing Winning the Future roundtable event series, aim to better communicate with America’s business community about the challenges they are facing and turn that input into concrete action that will improve U.S. economic competitiveness. The meetings are also an opportunity for businesses to learn about help that is available from agencies across the federal government.
International Trade Administration
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