ITA, EU Sign Memorandum to Promote Small & Medium Business Market Access

The International Trade Administration and the European Commission Directorate-General for Enterprise and Industry (DGE) announced a joint initiative to better support and promote transatlantic trade among small and medium-sized enterprises (SMEs), the ITA said. The two agencies signed a Memorandum of Understanding Dec. 3 which formalizes efforts between ITA and DGE to collaborate on a wide range of trade promotion, information sharing, and policy initiatives that will facilitate the ability of SMEs to access EU, U.S., and third-country markets, it said.

The memorandum is intended to facilitate the exchange of information about SMEs and promote international trade and business cooperation between U.S. and European SMEs, the ITA said. In addition, the MOU will facilitate the undertaking of specific initiatives to address market access and other barriers that constrain the growth of SME trade and investment. “The MOU we signed this week reflects a concrete commitment on the part of our governments to support SMEs as they engage in transatlantic trade,” said Assistant Secretary for Market Access and Compliance Michael Camuñez. “It also further advances a [Transatlantic Economic Council] priority to better address the particular challenges SMEs face in our respective markets and globally.”

At the Transatlantic Economic Council workshop where the memorandum was signed, participants discussed intellectual property rights protection for small business, the impact of standards on small business access to markets, SME financing tools, geographic clusters with a specific industry focus including SME suppliers, and best practices in entrepreneurial programs for women and youth, the ITA said.

Press release on the memorandum of understanding is available here.

Remarks by Assistant Secretary Camuñez at the workshop are available here.