Small Business Owners Know the Value of Global Trade
New report highlights small business owners across the Trans-Pacific Partnership region who benefit from trade
Small business owners are the faces of global trade. Every day, millions of packages cross a border to reach overseas customers, and the vast majority of sellers are small businesses. Whether they’re using Etsy, going to trade shows, or marketing their brand on social media, small businesses are reaching global customers faster than ever.
Trading globally is a complicated process, however — one marred by high costs, confusing rules, and redundant paperwork. These barriers shut too many small businesses out of the global market.
The Trans-Pacific Partnership is specifically crafted to tackle these barriers for small businesses — and once enacted, TPP will go a long way toward streamlining the way they go global.
To highlight the trading power of small businesses across the TPP region, and some of the continued barriers to trade they face, UPS partnered with the Global Innovation Forum to launch “The New Faces of Transpacific Trade”. Through 23 small business profiles, the report offers a fresh look at the real people driving global trade.
The report includes stories like Rebecca Germain’s. Rebecca began her business (Midwest Scrapbook) on eBay, reselling crafting supplies after she left her corporate job to stay home with her newborn daughter.
Now, Rebecca sells to 73 countries. But she knows all too well the headaches of global trade, and she’s optimistic that TPP will help improve the hassle of return shipments, and will lower the tariffs she has to pay on many of her products.
Then there’s Sabrina Tan — who started her skincare product business in Singapore with the global market in mind.
Skin Inc does warehousing in Japan and has an “Innovation Team” in Ohio — leveraging the strengths of countries around the world.
As Sabrina’s business grew, the slow and redundant processes involved in entering new markets surprised her. She hopes in the future trade rules will allow companies to streamline this process and enter new markets more quickly.
And then there’s John Rowe, a Canadian entrepreneur who spent years testing and perfecting a honey product that would stay solid, rather than liquid.
The product was a fast success with international consumers. Now, with his patented technique, Island Abbey Foods exports to 40 countries. For John, TPP means the possibility of lowering tariffs as high as 90% in Asian countries that have some of the largest and fastest-growing honey markets.
Not every business will want to export, but those who do should not be scared off from doing so by outdated trade rules. The Trans-Pacific Partnership will go a long way toward setting 21st century rules to meet the needs of the 21st century economy.
To view the full report, including a foreward by UPS International President Jim Barber, click here.