Blog Highlights: Tradeology & The Commerce Blog Highlight Canada-U.S. Trade Relationship, Three Amigos Summit Key Deliverables

BTBObserver may be late to the trade blog party, but you shouldn’t be.

Tradeology, the International Trade Administration’s official blog, and The Commerce Blog, the U.S. Commerce Department’s blog, offer tons of great material.

Below are two highlights, both entries explore the Canada-U.S. trade relationship.  Of particular note, is The Commerce Blog‘s discussion of deliverables from this week’s North American Leaders Summit (or “The Three Amigos” summit).

From Tradeology‘s January 2014 blog on on U.S. Secretary Penny Pritzker and Canada’s International Trade Minister Edward Fast talk at the Chicago Council on Global Affairs:

Today, Secretary Penny Pritzker and Canada’s International Trade Minister Edward Fast spoke about the future of the U.S.-Canadian economic relationship at a luncheon hosted by The Chicago Council on Global Affairs. The United States and Canada share a long-standing partnership based on history, geography, and the world’s largest bilateral trading relationship. It is the biggest bilateral trade relationship in the world with more than $1 million in trade crossing our border every minute.

Those stats reflect the threefold growth of trade in goods since 1990. The total value of goods traded between Canada and the United States in 1990 was $174 billion. By 2012, that had grown to more than $600 billion. Top exports to Canada include transportation equipment, machinery, chemicals, computers and electronics products and food products. The Department of Commerce has been working hard to ensure that number continues to climb.

What’s clear is that the two countries don’t just trade with each other, they build things together.  In addition to aerospace, the auto supply chains are intertwined. Automotive components often cross the border many times before a final product is ready to be sold. In addition, investors pour hundreds of billions of dollars into both economies to build new facilities and to create new jobs. Literally millions of people in both countries rely on the trade and investment relationship for their livelihoods.

And The Commerce Blog discusses U.S. Secretary of Commerce Penny Pritzker’s involvement in  and key deliverables of the North American Leaders Summit (NALS):

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.

 

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