Posted at 10:00 AM
Yesterday, U.S. Secretary of Commerce Penny Pritzker joined President Barack Obama and the U.S. delegation to the North American Leaders Summit in Toluca, Mexico. The trilateral meeting between the Presidents of the United States and Mexico and the Prime Minister of Canada is an opportunity for the three leaders to discuss progress on a range of issues impacting North America, including trade and investment, economic competitiveness, and entrepreneurship.
As part of the North American Leaders Summit, President Obama signed an Executive Order (EO) on Streamlining the Export/Import Process for America’s Businesses. This action directs the completion of the International Trade Data System (ITDS) by December 2016, in order to reduce the costs of trade and allow companies to ship American-made goods more quickly. Currently, when businesses want to import or export goods, they must submit information, often in paper form, to a number of government agencies. The process of gaining approval on these submissions can take days. The International Trade Data System will instead allow businesses to electronically transmit the required data through a“single window.” This EO will cut red tape, speed up shipment of American goods overseas, eliminate duplicative and burdensome paperwork, and improve government efficiency.
During the NALS official meeting, Secretary Pritzker provided an overview of her work with her counterparts, Mexican Secretary of Economy Ildefonso Guajardo Villarreal and Canadian Minister of International Trade Edward Fast, on the North American competitiveness work plan. Since being sworn in last June, Secretary Pritzker has been focused on increasing economic integration between the United States, Mexico, and Canada and has specifically worked on a number of issues on the agenda at the North American Leaders Summit. These include: creating a North American Trusted Traveler Program, which would allow vetted individuals to travel more easily between the U.S., Mexico and Canada; harmonizing trade data, consistent with international standards, to make it easier for companies to do business in the three countries; working on joint investment and tourism cooperation initiatives, including exchanging best practices; and creating a Trilateral Research, Development and Innovation Council, which will support the development of a network of entrepreneurs across the North American region. Additional information about the key deliverables from the Summit can be found here.
The North American economic relationship is one of the strongest in the world. The United States and Canada share the world’s largest bilateral trading relationship, with more than $700 billion in two-way trade in goods and services annually and more than $600 billion in direct investment on both sides of the border. Mexico is the United States’ second-largest export market and third-largest trading partner, and bilateral trade between the United States and Mexico was almost half a trillion dollars in 2012. Earlier this month, Secretary Pritzker led 17 export-ready U.S. companies on a five-day business development trade mission to Mexico, focusing on promoting U.S. exports to Mexico and further strengthening the U.S.-Mexico commercial relationship.