By:Emily Haggstrom Issue: Biennial of the Americas 2010 Section:The Americas Roundtables
American Business Must be More Competitive in Global Markets
With exports between the 35 sovereign nation states of the Western Hemisphere doubling within the last five years' it was not only important but vital to understand how each of these trading partners plays a part in the others' policy and prosperity. At the Americas Roundtable on Trade: Leveraging Partnerships for Sustainable Economies, participants were asked how value could be increased by leveraging the trade agreements that are already in place.
Business leaders from across the Americas gathered to speak to the combined GDP of the Western Hemisphere which currently exceeds $19 trillion. With the amount of money, as it pertains to imports and exports, traveling by ocean and air between continents, government officials and business leaders have never been more focused on developing trade agreements.
And while other countries around the world mirror the downward motion of the economy of the United States, some South American countries are actually thriving. The Biennial served as a forum for foreign nationals to meet and understand each others' different needs. It was a time for reflection and re-evaluation of trade agreements as a country. It was also an opportunity for businesses to learn how to connect to the right technology, businesses and products.
Following the roundtable, Kumar spoke candidly with ICOSA about America's plan for global trade, the future of trade and how American businesses can and should be proactive about learning how free and fair trade can be a benefit to them. “The linchpins and foundations of our country have been inventions from people who have a free and fair playing field,” said Kumar.
He continued by emphasizing that the U.S. Department of Foreign and Commercial Service can be the best asset for success when used proactively. “We connect people in this country to credible businesses around the world. Central to our work is making trade grow. We are already showing a 17% increase in exports this year as we focus on diversification across the hemisphere and the world,” said Kumar.
With 95% of consumers living outside of the U.S. it is important for business and organizations alike to understand that by working with the U.S. Department of Foreign and Commercial Service they can connect to markets where consumers can access a flow of goods, service and products that they need and want. “We are here to make American businesses more competitive while increasing transparency with our trading partners,” reinforced Kumar.