News / Economy

    APEC Officials Work to Boost Exports, Help Small Business

    Trade ministers and officials from around the Pacific are gathering in the United States this week for talks intended to increase trade, economic growth and employment in their countries.

    Ministers with the Asia Pacific Economic Cooperation forum gather Thursday to work on a couple of agreements to cut tariffs as well as legal, regulatory and bureaucratic obstacles to trade.

    APEC by the Numbers

    • 21 member economies
    • 40 percent of world population
    • 55 percent of global gross domestic product
    • 43 percent of world trade

    One of those agreements is the Trans-Pacific Partnership, which involves the United States and eight other nations including Peru, Vietnam, and Malaysia. The TPP has been the subject of several rounds of negotiations. APEC expert Fred Bergsten says the wide economic gaps between the countries mean talks are likely to take quite a while.

    “This is a negotiation between high-income advanced countries and still low-income developing countries. In the Trans-Pacific Partnership for example, you have the United States and Vietnam. That’s a sharp divergence in levels of economic development and sophistication and economic systems, which makes it challenging,” said Bergsten.

    This meeting is part of series leading up to the annual APEC leaders’ summit in Hawaii next November. Officials in charge of trade and small businesses in the 21 APEC members will wrap up their meeting in Big Sky, Montana, on Saturday.

    Many APEC members regard the TPP as a step toward the Free Trade Area of the Asia-Pacific, which could involve all 21 members. Bergsten, the director of the Peterson Institute for International Economics, says there has been good progress in cutting tariffs in many parts of APEC. But he says it is harder to negotiate on more subtle, and sometimes informal, barriers to trade. Nevertheless, Bergsten expects officials from the nine TPP nations to craft at least the outline of an agreement before the APEC summit later this year.

    Free-trade advocates say cutting tariffs lowers costs for consumers and creates markets for producers. But free trade has critics. For instance, South Korea farmers have opposed trade agreements out of concern that foreign competition would hurt their income. In the United States, many workers blame imports for the decline in the number of U.S. manufacturing jobs.

    The need to create jobs is a key reason APEC is focusing on small businesses this year. Experts at the U.S. Small Business Administration say most new jobs come from small businesses and raising their ability to export will help them grow.

    There are 28 million small businesses in the United States but only about a quarter of a million of them export. Most that do export send their products to just one foreign nation.

    At the Small Business Administration, Senior International Trade Specialist Richard Ginzberg says 97 percent of U.S. exporters are small businesses. He says businesses that do not export are ignoring the 96 percent of the world's customers who live outside the United States. Ginzberg explains that some companies need reassurance about tapping overseas markets.

    "The biggest obstacle we have found in talking to so many small businesses is the fear factor of doing business globally versus doing business domestically ... small businesses have strong perceptions about the high rate of risk, the danger of not getting paid and perhaps even loss of their goods," said Ginzzberg.

    Ginzberg says small companies often lack the resources to cope with the regulatory issues regarding exports, such as financing and taxes. But he says 20 U.S. government agencies are working to help businesses cope with rules that vary widely from nation to nation.

    That work is part of a new initiative to double U.S. exports and create two million jobs. U.S. Trade Representative Ron Kirk says the Asia-Pacific region is critical to that effort because it will be responsible for half the world's economic growth over the next several years.

    "This is an incredibly dynamic region, incredible growth trends. 40 percent of the world's population, 54 percent of the world's GDP, but we account for 44 percent of the world's trade," said Kirk.

    U.S. Senator Max Baucus wants to bring more of that trade to his home state of Montana. So he persuaded officials to stage this APEC trade meeting in the ski resort town of Big Sky.

    Baucus says thousands of diplomats, businessmen, and journalists will have a good time in Big Sky, which will help his state's ranchers, miners, and other businesses build the relationships needed to make more sales.

    You May Like

    US Lawmakers Vow to Continue Immigrant Program for Afghan Interpreters

    Congressional inaction threatens funding for effort which began in 2008 and has allowed more than 20,000 interpreters, their family members to immigrate to US

    Brexit's Impact on Russia Stirs Concern

    Some analysts see Brexit aiding Putin's plans to destabilize European politics; others note that an economically unstable Europe is not in Moscow's interests

    US to Train Cambodian Government on Combating Cybercrime

    Concerns raised over drafting of law, as critics fear cybercrime regulations could be used to restrict freedom of expression and stifle political dissent

    This forum has been closed.
    Comments
         
    There are no comments in this forum. Be first and add one

    Featured Videos

    Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
    Baghdad Bikers Defy War with a Roari
    X
    June 28, 2016 10:33 AM
    Baghdad is a city of contradictions. War is a constant. Explosions and kidnappings are part of daily life. But the Iraqi capital remains a thriving city, even if a little beat up. VOA's Sharon Behn reports on how some in Baghdad are defying the stereotype of a nation at war by pursuing a lifestyle known for its iconic symbols of rebellion: motorbikes, leather jackets and roaring engines.
    Video

    Video Baghdad Bikers Defy War with a Roar

    Baghdad is a city of contradictions. War is a constant. Explosions and kidnappings are part of daily life. But the Iraqi capital remains a thriving city, even if a little beat up. VOA's Sharon Behn reports on how some in Baghdad are defying the stereotype of a nation at war by pursuing a lifestyle known for its iconic symbols of rebellion: motorbikes, leather jackets and roaring engines.
    Video

    Video Melting Pot of Immigrants Working to Restore US Capitol Dome

    The American Iron Works company is one of the firms working to renovate the iconic U.S. Capitol Dome. The company employs immigrants of many different cultural and national backgrounds. VOA’s Arman Tarjimanyan has more.
    Video

    Video Testing Bamboo as Building Material

    For thousands of years various species of bamboo - one of the world's most versatile plants - have been used for diverse purposes ranging from food and medicine to textiles and construction. But its use on a large scale is hampered because it's not manufactured to specific standards but grown in the ground. A University of Pittsburgh professor is on track to changing that. VOA’s George Putic reports.
    Video

    Video Orphanage in Iraqi City Houses Kids Who Lost their Parents to Attacks by IS

    An orphanage in Iraqi Kurdistan has become home to scores of Yazidi children who lost their parents after Islamic State militants took over Sinjar in Iraq’s Nineveh Province in 2014. Iraqi Kurdish forces backed by the U.S. airstrikes have since recaptured Sinjar but the need for the care provided by the orphanage continues. VOA’s Kawa Omar filed this report narrated by Rob Raffaele.
    Video

    Video Re-Opening Old Wounds in a Bullet-Riddled Cultural Landmark

    A cultural landmark before Lebanon’s civil war transformed it into a nest of snipers, Beirut’s ‘Yellow House’ is once again set to play a crucial role in the city.  Built in a neo-Ottoman style in the 1920s, in September it is set to be re-opened as a ‘memory museum’ - its bullet-riddled walls and bunkered positions overlooking the city’s notorious ‘Green Line’ maintained for posterity. John Owens reports from Beirut.
    Video

    Video Brexit Resounds in US Presidential Contest

    Britain’s decision to leave the European Union is resounding in America’s presidential race. As VOA’s Michael Bowman reports, Republican presumptive nominee Donald Trump sees Britain’s move as an affirmation of his campaign’s core messages, while Democrat Hillary Clinton sees the episode as further evidence that Trump is unfit to be president.
    Video

    Video New York Pride March A Celebration of Life, Mourning of Loss

    At this year’s march in New York marking the end of pride week, a record-breaking crowd of LGBT activists and allies marched down Manhattan's Fifth Avenue, in what will be long remembered as a powerful display of solidarity and remembrance for the 49 victims killed two weeks ago in an Orlando gay nightclub.
    Video

    Video NASA Juno Spacecraft, Nearing Jupiter, to Shed Light on Gas Giant

    After a five-year journey, the spacecraft Juno is nearing its destination, the giant planet Jupiter, where it will enter orbit and start sending data back July 4th. As Mike O'Sullivan reports from Pasadena, California, the craft will pierce the veil of Jupiter's dense cloud cover to reveal its mysteries.
    Video

    Video Orlando Shooting Changes Debate on Gun Control

    It’s been nearly two weeks since the largest mass shooting ever in the United States. Despite public calls for tighter gun control laws, Congress is at an impasse. Democratic lawmakers resorted to a 1960s civil rights tactic to portray their frustration. VOA’s Carolyn Presutti explains how the Orlando, Florida shooting is changing the debate.
    Video

    Video Tunisian Fishing Town Searches for Jobs, Local Development Solutions

    As the European Union tries to come to grips with its migrant crisis, some newcomers are leaving voluntarily. But those returning to their home countries face an uncertain future.  Five years after Tunisia's revolution, the tiny North African country is struggling with unrest, soaring unemployment and plummeting growth. From the southern Tunisian fishing town of Zarzis, Lisa Bryant takes a look for VOA at a search for local solutions.
    Video

    Video 'American Troops' in Russia Despite Tensions

    Historic battle re-enactment is a niche hobby with a fair number of adherents in Russia where past military victories are played-up by the Kremlin as a show of national strength. But, one group of World War II re-enactors in Moscow has the rare distinction of choosing to play western ally troops. VOA's Daniel Schearf explains.
    Video

    Video Muslim American Mayor Calls for Tolerance

    Syrian-born Mohamed Khairullah describes himself as "an American mayor who happens to be Muslim." As the three-term mayor of Prospect Park, New Jersey, he believes his town of 6,000 is an example of how ethnicity and religious beliefs should not determine a community's leadership. Ramon Taylor has this report from Prospect Park.

    Special Report

    Adrift The Invisible African Diaspora

    World Currencies

    EUR
    USD
    0.9030
    JPY
    USD
    102.41
    GBP
    USD
    0.7470
    CAD
    USD
    1.3038
    INR
    USD
    67.919

    Rates may not be current.