AUGUST 2010 ISSUE |
| Feature Article Export Barriers for Small and Medium-Sized Companies The International Trade Commission (ITC) released a report last month that identified top export barriers as reported by U.S. small- and medium-sized enterprises (SMEs), while highlighting the benefits of trade agreements to SMEs. Ron Kirk, United States Trade Representative) requested this study from the ITC in 2009 to help guide trade policy in an effort to boost SME exports. "America's small businesses are engines for our economic growth. Small- and medium-sized businesses that export grow faster, add jobs faster, and pay higher wages than non-exporting firms," said Ambassador Kirk. This is the second of three reports that the USTR commissioned to inform and focus SME-related trade policy initiatives. Key findings Comparison of U.S. and EU SME export activities:
U.S. SME Views on Trade Barriers and Strategies to Overcome Barriers to Exporting:
Recommendations for Increasing Exports: SME's most frequent policy recommendations are to:
Read the full report: Small and Medium-Sized Enterprises: U.S. and EU Export Activities and Barriers and Opportunities Experienced by U.S. Firms WTCGP Event in Review Third Annual Members' Appreciation Reception
The reception was held as a “thank you” to members and partners for their continued support and to recognize WTCGP’s accomplishments. Linda Conlin, WTCGP President, presented a special honor to the organization’s founding President, Joanna Savvides. Joanna was designated, “Member Emeritus,” and thanked for her dedication and contributions to the organization over its formativeyears.
The WTCGP would like to extend a special thank you to the evening’s sponsors: BDP International, Cephalon, Inc., Environ International Corp., HTH Worldwide, Kibow Biotech, Lenox Corporation, MTM LinguaSoft, Stantec, TD Bank, VideoRay LLC, and Wheatley US Limited. Member of the Month Wells Fargo Global Banking
Wells Fargo has over 150 years experience in the banking industry and currently has a banking relationship with every one in three middle market companies in the U.S. Expanding its global banking capabilities, Wells Fargo connects its customers to the world through its extensive foreign and domestic networks. Wells Fargo Global Banking supports the financing needs of both U.S. companies engaged in international business and foreign-based multinationals operating in the U.S. Through the Global Banking division, Wells Fargo provides middle market, large U.S. corporations and foreign owned companies with cross-border financing, working capital, risk and treasury management, foreign exchange and trade finance services. The Global Banking division opened a new sales office in Philadelphia as well as four other east coast cities as part of its expansion efforts. With new offices in New York, Philadelphia, Charlotte, Atlanta and Miami, the business has a total 14 sales offices throughout the U.S. along with overseas offices in London, Hong Kong and Dublin. Working closely with Wells Fargo’s network of more than 30 overseas locations, these offices deliver a wide array of commercial services for middle-market and corporate customers. “At Wells Fargo, we want to serve all of our customers’ financial needs - both domestic and international,” said Sanjiv Sanghvi, head of Wells Fargo Global Banking. “After merging with Wachovia and taking full ownership of the Wells Fargo HSBC Trade Bank, we’re able to distribute our broad set of international services through an expanded global network. Wells Fargo Global Banking has the infrastructure and expertise to provide our customers with increased access to cross-border banking services, including lending and treasury management services.” The bank’s presence in Philadelphia spans over 200 years and has a long-standing partnership with the World Trade Center of Greater Philadelphia. “Our mission is to support the banking needs of our clients involved in international commerce” says Michael Schmittlein, Division Manager for the new east coast Global Banking offices and WTCGP board member. “The WTCGP plays an important role in promoting trade in the region, and our Philadelphia office led by Rich O’Donnell is actively looking to support the trade finance needs of companies in this area.” Through its extensive global reach and network of over 3,000 correspondent banks worldwide, Wells Fargo will continue to explore unique ways to support businesses in the Philadelphia area. Wells Fargo’s relationships with the World Trade Center and the Export-Import Bank of the U.S. and other organizations, provide companies with services and information that benefit the local economy, while opening doors to opportunities for growth and expansion. Partner News Brookings Report: Analysis of Exports from Metropolitan Areas
The report highlights both the New York-New Jersey-Pennsylvania and Philadelphia-Camden-Wilmington metropolitan as in the “top ten” in terms of jobs supported by exports.
Upcoming Events Energy and Water: Innovation and Opportunity in India
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On July 15, the World Trade Center of Greater Philadelphia (WTCGP) hosted its third annual Members’ Appreciation Reception at the Hyatt Regency Philadelphia at Penn’s Landing. On the outside patio with the Delaware River as the backdrop, over 100 attendees enjoyed hors d'oeuvres and cocktails while networking with other members, the Board of Directors, Advisory Council members, and the staff. 
In 2009, the WTCGP helped more than 270 Pennsylvania and New Jersey companies generate $81.9 million in incremental export sales of goods and services. It provides one-to-one trade counseling, market research, global trade missions, education programs, and peer group networking. 
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