Remarks by Under Secretary of Commerce for International Trade Marisa Lago at the 2024 U.S. Hispanic Chamber of Commerce Legislative Summit

Washington, DC
April 23, 2024

As Prepared

Muy buenas tardes. Es un placer estar aquí con ustedes.

Thank you very much, Nelson, for your kind introduction, and for inviting me here today. Thanks also to Ramiro Cavazos, Anthony Hinojosa, Santiago Salas Oliva - and the entire team - for organizing such a wonderful gathering.

I'm thrilled to speak to this impressive, inspiring group of Hispanic business and community leaders from across the United States.

As a proud child of a Spanish immigrant family, I know how strongly our community shares bonds across geographies and generations - whether through lengua, cultura o familia.

And these unique, enduring ties bring huge economic opportunities.

Across the country, more than 5 million Hispanic-owned businesses collectively contribute over $800 billion to the U.S. economy every year. That's the size of Switzerland's GDP!

Here in this room, the organizations that you represent are driving cutting-edge innovation. You're creating new job opportunities for thousands - make that hundreds of thousands - across our country. And you're further expanding the unparalleled vibrancy and diversity of the U.S. economy.

No matter which sector you represent, you recognize the power of economic opportunity to transform the lives of individuals, families and communities.

And, just as it has for you, that promise is precisely what has guided my own career, bringing me to the organization that I'm now privileged to lead: the International Trade Administration at the U.S. Department of Commerce.

The International Trade Administration (or ITA for short) is comprised of over 2,300 trade and business experts who are located in over 100 U.S. cities and towns, and in over 80 international markets. At ITA, we work day in and day out to advance inclusive economic prosperity through trade.

Last year alone, we served over 92,000 U.S. businesses that were interested in exporting. I bet that some of you are thinking: ITA serves the U.S.' largest exporters. Yes, that's true, ITA is proud to help the U.S.' largest multinational corporations with their exporting needs.

But, I'll let you in on something that may surprise you: of the 92,000 U.S. businesses that ITA served last year, around 85 percent were micro-, small and medium-sized enterprises - or MSMEs. MSMEs represent the vast majority of U.S. exporters, which means that exporting internationally is most decidedly not only reserved for the biggest multinational corporations.

Oftentimes, a small business owner's main barrier to exporting is not knowing where to start. That's why ITA has Export Assistance Centers in over 100 locations across our country to serve all types of U.S. businesses, no matter their size or location - rural, small town, mid-sized city or urban metropolis.

At these Export Assistance Centers, ITA's on-site trade professionals identify potential international buyers or partners for your business. We help U.S. companies understand the sometimes complex international regulations and how to comply with them. And we advocate for fair competition when U.S. companies bid for projects that are being tendered by foreign governments.

Let me give you a concrete example: a Hispanic-owned company from Texas - called Better Emissions - wanted to sell their clean tech products, which help automobiles cut their fuel consumption and emissions. Better Emissions worked with our ITA team that's located in San Antonio to find the best partner in Peru - where we have another ITA team. With ITA's support in finding potential distributors, Better Emissions signed a partnership agreement with a well-established Peruvian company - an agreement that will generate an estimated $10 million in sales this year.

Another example: a Hispanic-owned, Virginia-based business - called Aeronautical Systems, Incorporated - was able to expand into Singapore by working with our Virginia-based U.S. Export Assistance Center. Through ITA's tailored counseling and identification of potential partners, Aeronautical Systems signed a partnership to bring its world-class aircraft equipment to new international markets.

Beyond promoting U.S. exports, we also level the international playing field for U.S. businesses and workers, ensuring that products that are imported into the United States from abroad are traded fairly.

Another service that ITA provides is crucial industry data and analysis for decision-makers - from business executives to policymakers - including on the latest market trends and on supply chain risks.

A perfect recent example is the collapse of the Key Bridge in Baltimore, Maryland. Starting immediately after the collapse, our ITA teams have been in touch with over 70 industry representatives - including across the automobile, energy, chemical and services sectors. Our ITA team is working with industry to assess impacts on supply chains and to identify ways to support both these businesses and the bridge's reconstruction.

Internationally, our ITA team regularly engages with our foreign government counterparts, urging them to eliminate trade barriers and advocating for more transparent business practices. In these discussions, we proudly promote the most cutting-edge U.S. technologies and innovations that are ripe for international markets. And we deepen cooperation across critical sectors - from climate and clean energy solutions to critical and emerging technologies, like artificial intelligence and quantum computing.

In a similar vein, our ITA team routinely meets with U.S. companies that are already operating overseas to address any barriers that they face and to identify opportunities for their further expansion.

With 95 percent of the world's purchasing power outside of the United States, the opportunities across international markets are vast.

I've mentioned that ITA has trade experts in over 80 international markets, so let me take you on a quick tour of the globe.

Given our ties of language and culture, I'll start with the Americas. The United States trades more with countries in the Americas than in any other region on the globe. And for over two-thirds of the countries in the Western Hemisphere, the United States is their top trading partner. Twelve out of our 20 free trade agreement partners are in this region.

All of these considerations make the Western Hemisphere a natural place to look when a U.S. business is beginning to export or considering exploring new markets for expansion.

In fact, only two weeks ago, I was in Argentina and Uruguay, where I'm incredibly bullish on the opportunities for stronger trade with the United States.

For example, Argentina is the world's third largest exporter of lithium, which is critical to electric vehicle batteries - a major component of the U.S. and global transition to a clean energy future. Less than a third of Argentina's lithium reserves have been tapped so far, and the International Energy Agency has forecast that global demand for lithium will grow 26-fold by 2050.

That's a remarkable opportunity - not only for Argentina, but also for U.S. companies that can provide the cutting-edge products and services for Argentina to capitalize on this surge in global demand for lithium.

In Uruguay, the opportunities for U.S. companies are extensive as well, especially across emerging technologies, such as telecommunications, semiconductors, biotechnology, AI and clean technology. Did you know that Uruguay has the highest rate of internet connectivity in Latin America? Around 90 percent! And over 98 percent of the country's electricity is already generated from renewable resources.

That's why ITA recently launched an initiative to boost the involvement of U.S. businesses in large infrastructure projects and clean technology exports across Argentina, Chile, Paraguay and Uruguay. Over the next few years, the Initiative to Mitigate Pollution and Climate Threats - or IMPACT, for short - will support U.S. businesses through a series of webinars on environmental and clean energy technologies, as well as a trade mission in 2025 that will bring U.S. companies to these Southern Cone countries. Our goal is to connect U.S. suppliers with buyers across the region's rapidly growing sectors for hydrogen energy, water treatment and energy storage. The potential of these projects is estimated to be worth $5 billion - that's hardly chump change.

Opportunities in a different sector are found in Costa Rica, where U.S. Department of Commerce Secretary Gina Raimondo recently traveled to meet with President Rodrigo Chaves. Her focus was on deepening our already-strong trade and investment relationship - especially for more resilient semiconductor supply chains, building on historic investments from the U.S. CHIPS and Science Act.

Costa Rica is quickly becoming a regional leader in semiconductors, cybersecurity, cloud computing and more. While Costa Rica is geographically small, it's another country where U.S. businesses of all sizes are increasingly finding opportunities.

Beyond the Americas, the Indo-Pacific is another region with tremendous potential for U.S. exporters. Through the Indo-Pacific Economic Framework for Prosperity - which we call IPEF - the United States is partnering with 13 countries around the region that represent about 40 percent of global GDP. With historic agreements to strengthen our supply chains, to advance the climate transition and to build fairer economies for our businesses and workers, IPEF is unlocking new commercial opportunities for countless U.S. businesses and workers.

In Europe, with about 450 million consumers across just the European Union, the commercial opportunities for U.S. exporters are just as immense - ranging from clean energy to digital technologies, to advanced manufacturing, to agriculture.

And Africa - which is where Secretary Raimondo is headed today - holds tremendous exporting opportunities, especially as countries across the continent are undergoing a digital transformation. In fact, Africa is the only continent that I visited four times last year.

No matter where ITA's trade experts are located, equity lies at the core of our work - serving all businesses regardless of size, and consciously expanding opportunities to a more diverse pool of U.S. businesses. Our goal is to ensure that all U.S. communities can reap the benefits of trade.

As one example of our commitment, ITA established the Global Diversity Export Initiative to specifically connect new and diverse businesses from historically underserved communities to the vast opportunities of international trade. We're laser-focused on rural businesses; on businesses owned by women, veterans and members of LGBTQI+ communities; and - of course - on companies owned by racial and ethnic minorities. Across the board, we're reaching out to potential exporters in their own communities.

And that's why ITA's partnerships with organizations like the U.S. Hispanic Chamber of Commerce are indispensable. In addition to participating in the Chamber's annual conference over the past two years, ITA has organized multiple bilingual webinars to inform Hispanic-owned businesses about the resources that are available to them to help them succeed across international markets.

But that's not all: we regularly lead trade missions that bring U.S. businesses abroad to connect with potential distributors and partners in other countries. ITA arranges one-on-one meetings with foreign business executives and government officials - meetings that are tailored to match each business' specific goals. And we curate targeted networking opportunities with influential local chambers of commerce, industry association and business councils.

Here are a few recent examples. Last month, we led a trade mission to Panama, Costa Rica and Colombia to connect around 60 U.S. women-owned businesses with the many exporting opportunities available in these markets.

Next month, I'm leading a large trade mission to Istanbul, Türkiye for the biggest annual U.S. government-sponsored trade mission and business development forum. It's called Trade Winds, and each year it's held in a different region of the world. This year's Trade Winds will bring together over 100 U.S. companies to meet with U.S. commercial diplomats that are based in over 30 countries across the Europe and Eurasia region. And I'll let you in on some exciting information: next Spring, the 2025 Trade Winds is heading to South America. You'll want to join us!

In November of this year, ITA will lead a trade mission for minority-owned businesses to la República Dominicana, with optional stops in the Bahamas, Barbados, Guyana, Jamaica, Suriname, and Trinidad and Tobago.

In December, we're organizing a trade mission to Saudi Arabia for women-owned businesses across a wide variety of sectors.

As you can tell, we've got a full slate of upcoming events. It's lots of information to absorb, so my team is here today with a resource table to provide more details. And ITA's Director of the Office of Latin America, Alex Peacher, will be speaking during a panel discussion later this afternoon.

I hope that I've given you at least a glimpse of the numerous programs and resources that are available to help you expand your business internationally.

I'll close by emphasizing that ITA cannot do this important work alone. Day in and day out, we count on the private sector's close partnership to build a more prosperous, inclusive and secure economy, at home and abroad. This is, again, why we're so very, very appreciative of the Hispanic Chamber's partnership with us.

Muchísimas gracias.

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