September 24, 2024

ALI Perspective

ALI is pleased to see small businesses getting a lot of attention this election season. While large corporations get the most headlines, small businesses are the biggest job creators in the American economy.

Small businesses have created about two thirds of the new jobs over the past 25 years and employ 61.6 million people or almost half of America’s private sector workforce. Small businesses are often an important pathway into the economy for women and minorities, who own 26% and 14% of small businesses. Interestingly, small businesses are increasingly active in the global marketplace, representing 32.6% of known export value ($413.3 billion).

During the pandemic, small businesses turned to digital technologies to power their businesses. Studies have shown that small businesses that prioritized digital transformation saw revenue eight times higher than those that did not. Access to e-commerce and digital payment systems make it possible for small businesses to reach a broader group of customers, both in the U.S. and globally.

Creating incentives for entrepreneurs and small businesses and facilitating their use of digital technologies is an important way to boost the U.S. economy and its competitiveness.

Coming Up

As we move towards the election, ALI has a full agenda for its members:

Senate conversation on U.S. engagement with Africa and AGOA renewal
Meetings with Senior officials at the Commerce Department
Ambassador’s dinner on Global AI Governance

ICYMI

ALI hosted Congressman Earl Blumenauer (OR-3) together with other experts for a robust conversation on The Impact of the Election on Trade. He discussed how the perception and politics have changed over his 30 years in Congress, and the current consensus that the U.S. needs a new trade paradigm. The group discussed challenges and opportunities that a new Administration may present, and what avenues could be pursued to advance trade, including supply chain agreements, using trade to address climate, as well as a new toolkit to advance U.S. engagement in the Global South.

Participants praised Congressman Blumenauer for his many years of trade leadership in Congress. Blumenauer noted that he will be retiring from Congress, but not from the trade debate.

ALI members met with Deputy Secretary of State, Kurt Campbell, to discuss U.S. competition with China, supply chain agreements and how to advance the digital and AI trade agendas.

What We're Reading

Brookings Institution: Cultivating America's Alliances and Partners in the Indo-Pacific

"The network of U.S. alliances remains an enduring feature of Asia’s security landscape today. However, Asia’s regional architecture has e vol ved considerably since the end of the Cold War to respond to new challenges including China’s rise, North Korea’s nuclear threat, and maritime disputes in the East and South China Seas."

Center for Strategic & International Studies: AMLO's Plan C and the North American Bloc, If We Can Keep It

"As AMLO begins his final month in office, he has launched his last crusade to cement his legacy. ...The president has pushed a series of constitutional reforms that threaten the independence of Mexico’s regulatory bodies, Mexico’s electoral agency (which serves as an exemplar in Latin America), and the independence of Mexico’s judicial branch."

Xi Pledges $50 Billion for Africa to Shore up China's Influence

"Xi vowed to provide $50 billion in financial support at the ninth triennial Forum on China-Africa Cooperation held in Beijing on Thursday. That included a pledge to triple China’s credit lines to the continent to $30 billion, despite an economic slowdown at home that’s threatening Beijing’s annual growth goal."

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