The United State-Mexico-Canada Agreement (USMCA) is a free trade agreement signed by the U.S., Canada, and Mexico. Last week, the Senate approved of the deal—a great victory for small business owners and the economy.
The USMCA will help create nearly 176,000 and grow the economy by $68 billion. While there are many positives that will come of this agreement, the perks that small businesses will experience might be superior to all.
Let’s break down some of the benefits of the USMCA:
- It will create opportunities for small businesses
This agreement is pro-small business. It gives entrepreneurs a voice because the USMCA has a chapter that is specifically focused on helping and supporting small businesses.This agreement reduces the amount of government regulation that burdens business owners. In short, it reduces costs and increases small business participation in trade
- It will protect the intellectual property of small businesses
Intellectual property is a category of property that includes copyrights, patents, trademarks, and trade secrets.These are critical for the success of small businesses.The USMCA has set in place many protections that will ensure businesses can thrive.
- It encourages global growth for American entrepreneurs
According to the Census Bureau’s most recent data from 2017, small to mid-size businesses dominate trade with Mexico and Canada. The USMCA will ensure that these companies can grow both at home and abroad.