The House Small Business Subcommittee on Agriculture, Energy and Trade evaluated the impact trade policy has on small firms during a hearing on Tuesday and examined ways to help create new trade markets.
Rep. Richard Hanna (R-N.Y.), chairman of the subcommittee, and its members heard testimony regarding the Trade Promotion Authority, the Trans-Pacific Partnership, the Transatlantic Trade and Investment Partnership and ongoing World Trade Organization negotiations.
Hanna said that small businesses must be a vital part of United States trade policy moving forward, and ongoing dialogue with the USTR will ensure continued export growth for small firms and family farms.
The federal government needs to improve management, collaboration and trade promotion efforts so that export resources can be administered more efficiently and lead to more exports from small businesses, according to a report from the Government Accountability Office.
“Reducing barriers to trade will help small businesses and farms take the next step and find global markets for their products,” Hanna said. “We urge the administration to maintain a commitment to working with Congress on these efforts to open new markets for America’s small exporters.”
House Small Business Committee Chairman Rep. Sam Graves (R-Mo.) introduced legislation last year that is intended to reduce barriers and obstacles faced by small exporters.
Approximately one percent of small businesses currently export; however, 95 percent of the world’s market exists outside of the United States.