Vol. 3, Issue 2
Pacific NW Trade eNews
Year-in-Review
2020 - An Exceptional Year of Facing up to Trade Challenges
PHASE I Deal with China - 2020 was an eventful year in trade. Despite targets not being met, the Phase I deal with China was a milestone. This agreement early in the year marked a resumption of purchases from our regional farmers, and offered a modicum of stability after a turbulent and unpredictable year.

In fact, this deal became a point of consistency and window for communication as other aspects of political and economic relations deteriorated rapidly during the lead up to the elections and the seeming rush to hard-wire China policy so as to make future changes more challenging.

USMCA - Also inked in early 2020 was the US-Mexico-Canada Agreement. It was an important, bipartisan update to NAFTA, and likewise ended a period of uncertainty for regional businesses.
COVID-19 - As covered at our first virtual event in April, "Stories from the Front Lines," the pandemic disrupted our supply chains and tested the resilience of our ports and some of our local trading companies.

A recession and a counter-intuitive trade deficit followed.
Potential Impact on
NW Gateway
As underlined during our May event on accessing the Vietnam market and September event organized with the NW Seaport Alliance reaching out to Vietnamese logistics firms, Vietnam is increasing in importance as a trading partner and on track to become our No. 3 trading partner.

Also, the impact would be potentially devastating to those NW firms that have recently undergone costly transfers of production from China to Vietnam.

The US Chamber of Commerce explains that according to the criteria for currency manipulation established by the US Treasury---the organization ordinarily charged with making the determination---only one of three have been met, the trade deficit, and the Chamber notes that “One strike does not make a strike out.”
Moreover, they argue that the deficit was caused more by US trade policy vis-a-vis China than by any intentional manipulation by Vietnam.
Is Brexit Good for WA?
What does the recently-concluded Brexit deal mean for the Pacific Northwest?

The UK is now free to set its own trade policy and negotiate directly with other countries. The US does not now have a free trade agreement with the EU, but is now in talks with the UK.


The CSIS points out that the UK and US are the world's leading exporters of digitally deliverable services and the US and UK are each other's largest e-commerce markets.

Washington State has a growing and thriving digital economy; and, although there are challenges, a US-UK free trade agreement would bring significant opportunities for the state.

Moreover, the UK is already our sixth largest export market by value over the past decade.
For the UK, our state's trade is comparable in size with that of Taiwan and Mexico.
EU-China Investment Treaty Won't Wait for US
Relevance for the Pacific NW?
After almost seven years of painstaking negotiations between the governing bodies these two major markets, breakthroughs came almost immediately upon President-elect Biden's election victory.

These breakthroughs came despite both the President-elect's allies and the Trump Administration making it clear that they were opposed to the EU-China Comprehensive Agreement on Investment.

The EU's moving forward with it made it clear that they would not subordinate their interests to the US election cycle.

Most noteworthy were China's unprecedented concessions:

  • Dropping the requirement that firms disclose tech to Chinese domestic partners. 
  • Provisions to curtail secret government subsidies
  • Making a stronger commitment to observe international standards on forced labor
  • Stepping up its efforts to fight climate change
Although some of these could be a challenge to monitor, they do suggest that China is prepared to open further for business.


Signs of China's opening could bode well for the Pacific Northwest, a top exporter products and services to China . . . if and when these concessions are extended to the US.

Note that the China-EU agreement still needs to be approved by the EU Parliament, where it is likely to face opposition due to opposition to China's treatment of Muslim minorities in the Xinjiang region.

Over the past few years as trade friction ensued with the US, the EU has been going its own course in pursuing trade agreements with Japan, Vietnam and Australia. 
Reminder: Still Time to Register
As mentioned in our previous issue, the WTC Tacoma is partnering with the UWT Milgard School of Business to co-promoting the EMP.
Save the Date! Thursday, February 18 4:00PM-5:00PM
The Globe Awards are just around the corner! This online networking event for the international trade community will recognize companies excelling in trade and trade promotion and acknowledge the importance of trade to the Washington State economy.

An award will be presented to the organization that exemplifies the mission of the WTC Tacoma – We Grow Trade!

These sponsorship opportunities are designed for all to join in and support the community through this event.
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