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Last push for Congress to widen trade opportunities

It’s not just small business approaching Congress on this issue. Spokesmen from the agriculture industry have written an open letter to Washington arguing for…

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The U.S. Small Business Administration has called on Congress to renew the Trade Promotion Authority as soon as possible in order to widen trade opportunities for small businesses.

Two-thirds of the world’s purchasing power rests outside of the U.S. The country ranks second in exports across the globe, and 98 percent of its exporting companies are small businesses. But SBA points out that more than half of these exporters are working with just one foreign market — generally Canada or Mexico.

It’s not just small business approaching Congress on this issue. Spokesmen from the agriculture industry have written an open letter to Washington arguing for more export options. So what’s impinging upon the deal?

According to the Wall Street Journal, lawmakers are trying to iron out the final plans for a 12-nation trade deal with Asia. They’re also trying to figure out how, once the bill passes, Congress will be able to prevent “unacceptable trade deals.” But Bill Reinsch, president of the National Foreign Trade Council, a group backing the legislation, said he is confident it will pass.

The Trade Promotion Authority has been granted to every other president since Gerald Ford.

 

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