Keynote Speaker: Secretary of Commerce Penny Pritzker on U.S.-Latin America Ties
Pritzker focused on the importance of promoting free-trade agreements in the hemisphere.
During the last panel of the 44th Annual Washington Conference on the Americas, U.S. Secretary of Commerce Penny Pritzker focused on the importance of free-trade agreements in the Americas and encouraging businesses to export.
When it comes to negotiations for the Trans-Pacific Partnership and Transatlantic Trade and Investment Partnership, “enormous progress is being made,” she said. Given that the deals have bipartisan support, Pritzker expressed optimism that Congress will approve these accords.
Asked about the controversial nature of trade deals, Pritzker explained that these accords are ill perceived because of misunderstandings about their benefits. She noted that “11.3 million Americans have their jobs today solely because of exports.” Given that 95 percent of the world’s consumers are outside the United States, all kinds of business owners recognize that their supply chains and goods are linked to the rest of the world, Pritzker said. Plus, if the United States doesn’t get on board with these agreements, other countries will take action and have an advantage.
While around 98 percent of U.S. exporters are small and medium-sized businesses, Pritzker said she’s working to convince more companies to export. The average American business must change its DNA, she said. Pritzker also highlighted the important role of foreign companies operating in the United States. Around 5.6 million Americans are employed by U.S. subsidiaries of foreign companies, and foreign direct investment from Latin America stands at $321 billion, a 42 percent increase from 2008.
The secretary also highlighted the trillion-dollar North American trade relationship, as well as her efforts to “work behind the scenes” to improve the trade relationship with Brazil, where she will lead a U.S. delegation during the World Cup.
Finally, she spoke about her efforts to work with Homeland Security Secretary Jeh Johnson to tackle hospitality and national security at the same time by reducing wait times for visas and create programs to make it easier to travel to the United States.