Gov. Herbert joins Vice President Pence in support of USMCA
August 22, 2019Tags: Economic Development
On Thursday, August 22, Gov. Gary R. Herbert joined Vice President Mike Pence at Merit Medical Systems in South Jordan in expression of his support for the United States-Mexico-Canada Agreement.
Vice President Pence came to Utah to advocate for the agreement, which, if ratified by the United States Congress, would provide updates to the North American Free Trade Agreement.
Gov. Herbert has spoken frequently about the benefits of free trade, particularly since his 2018 Economic Summit, when he delivered an address extolling the importance of free trade across the globe.
Seventy percent of the world’s purchasing power is located outside of the United States, and 95 percent of the world’s consumers live outside the United States. In fact, if Utah businesses were only to buy and sell in Utah, their customer base would be only a little more than 3 million people.
Global trade gives Utah businesses the opportunity to market and expand their services to over 7.6 billion people.
While all trade relationships are important to Utah and the United States at large, agreements with Canada and Mexico are of particular importance.
According to data from the World Trade Center, Utah exported $2.3 billion worth of goods to Canada and Mexico last year alone.
When imports are added to the equation, the value of our trade with these two countries exceeds $7.7 billion.
The governor is hopeful that politicians on both sides of the aisle will be able to come together in support of the USMCA.