Senior representatives from the US, Mexico, and Canada, aiming to bolster SMEs globally, have pledged their collective efforts towards introducing strategies aimed at fostering competitiveness and stimulating Small and Medium Enterprises’ (SMEs) proactive engagement in international trade. This resolution took center stage at the third assembly of the United States-Mexico-Canada Agreement (USMCA) Free Trade Commission, which recently convened in the Mexican city of Cancun.
Participants in this pivotal discussion included US Trade Representative Katherine Tai, Mexico’s Economy Secretary Raquel Buenrostro, and Canada’s Minister of International Trade, Export Promotion, Small Business, and Economic Development Mary Ng. The trio underscored the importance of SMEs, especially those led by traditionally marginalized groups, within the international trade context.
The ministers jointly acknowledged a trilateral session on inclusive trade, which Canada had previously hosted in March. This meeting had paved the way for the second USMCA SME Dialogue, an event anticipated with enthusiasm and slated to occur in Mexico this coming September.
A key item on the agenda was an upcoming initiative of the SME committee, co-developed with indigenous SMEs and organizations. This project, intended to ease trade engagement among indigenous SMEs within the region, will be Canada’s hosting responsibility later this fall.
In their shared pursuit of elevating regional competitiveness, the ministers presided over a roundtable with business delegations hailing from the three nations. This forum provided an opportunity for participants to share their ideas about economic integration and the integral role the USMCA agreement plays in fostering such cooperation.
Echoing Canada’s earlier proposal, the ministers emphasized the necessity for the trio of countries to collaboratively bolster North America’s competitiveness. They proposed leveraging the open and transparent investment climates prevalent in each country, and agreed to a mutual exchange of best practices.
Ensuring worker voices resonate within trade policy decision-making was another focal point, with a dialogue involving Mexican labor stakeholders. This interaction underlined the commitment of the three nations to guarantee that international trade benefits reach beyond corporations and extend to the working class.
As the year draws to a close, a deputies meeting has been scheduled by the three countries to assess the strides made under the agreement. This collective pledge by the US, Canada, and Mexico illuminates the integral role that SMEs play in the global economy and affirms the crucial need for their vibrant participation in international trade.
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