INTERNATIONAL TRADE ISSUE PAPER Jose E. Martinez President & CEO Free Trade Alliance
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1 INTERNATIONAL TRADE ISSUE PAPER Jose E. Martinez President & CEO Free Trade Alliance Export-Import (Ex-Im) Bank Issue Paper Request: Reform and permanently reauthorize the Export-Import (Ex-Im) Bank to ensure the competiveness of San Antonio manufacturers and exporters. Background: The Ex-Im Bank is the official export credit agency of the United States federal government. It was established in 1934 by an executive order, and made an independent agency in the Executive branch by Congress in 1945, for the purposes of financing and insuring foreign purchases of United States goods for U.S. customers unable or unwilling to accept credit risk. The mission of the Bank is to create and sustain U.S. jobs by financing sales of U.S. exports to international buyers. It was last chartered for a three-year term in 2012 and extended in September 2014 through June 30, Congressional authorization for the bank lapsed as of July 1, As a result, the bank could not engage in new business, but it continued to manage its existing loan portfolio. The bank was re-authorized five months later through a measure included in a massive transportation funding bill and President Barack Obama signed the bill into law on December 4, 2015, extending the bank's life through September The Ex-Im is one of the most important tools at the disposal of U.S. companies to increase exports and create jobs. In fiscal year 2015, Ex-Im Bank provided financing or guarantees for $17 billion in U.S. exports, thereby supporting 109,000 American jobs. Reasons to Support the Reform and Permanent Reauthorization of Ex-Im Bank Reason 1: Ex-Im is important to the competitiveness of U.S. exporters. In FY 2015, EXIM Bank authorized more than $3 billion 24.5 percent of total authorizations by dollar volume in financing and insurance for the direct support of American small business exporters, not including support for small businesses in the supply chains of larger exporters. The Bank authorized more than 2,300 small business transactions nearly 90 percent of the total number of EXIM transactions. Authorizations include support for nearly 400 U.S. small businesses that were first-time users of EXIM Bank products. EXIM Bank authorized nearly $595 million in FY 2015 to support almost $2 billion of exports almost 12 percent of total EXIM-supported exports from nearly 400 minority-and womanowned businesses. Reason 2: Ex-Im loans are competitive and have little risk. EXIM Bank reports its default rate to Congress on a quarterly basis. As of the fourth quarter of FY 2015 that ended on September 30, 2015, the default rate was percent less than one quarter of one percent and lower than that of most commercial banks. Reason 3: Ex-Im provides an economic benefit to the Federal Government.
2 At the close of FY 2015, EXIM Bank wired $431.6 million in profit to the U.S. Treasury to support deficit reduction. Why is Ex-Im Bank Important for San Antonio? The 2015 Trade & Investment Strategy outlines the benefits exports have contributed to the San Antonio economy such as jobs and diversification of industries. The Ex-Im Bank services have an impact on continuing the positive trend of job increases and industry development. Furthermore, Ex- Im loans allow San Antonio small businesses to compete internationally and increase exports. San Antonio s economy is based on small business. Reform and permanent reauthorization provides stability for small business to access vital financing sources at a time when boosting exports is increasingly vital to growing San Antonio s economy and jobs.
3 INTERNATIONAL TRADE ISSUE PAPER Jose E. Martinez President & CEO Free Trade Alliance Capital Increase for North American Development Bank Request: To authorize and appropriate a general capital increase for the North American Development Bank (NADB). Background: The NADB was established in 1994 by the U.S. and Mexican governments for the purpose of developing and financing infrastructure projects along the U.S - Mexico border in order to improve the quality of life for people living in the region. At the close of its first 20 years of operation, NADB is having a transformative impact on the border region. To date, NADB has contracted US$2.40 billion in loans and grants for 203 infrastructure projects aimed at supplying safe drinking water, adequately treating wastewater, properly disposing of solid waste or improving air quality through street paving or clean energy generation. The total investment represented by these projects exceeds US$6.87 billion-evidence that the NADB development model is succeeding in its intended goal of complementing and leveraging other sources of funding, including private capital and other public resources. Reasons to Support a Capital Increase for NADB Reason 1: NADB is succeeding in improving infrastructure in the border region. NADB has been an effective tool for catalyzing investment into needed infrastructure in the U.S.-Mexico border region. In particular, NADB has helped increase wastewater treatment capacity by more than 275 million gallons per day (mgd) along both sides of the border, and more recently has supported the development of renewable energy in the region through 22 projects, representing 1,301 MW of combined generation capacity. It is important to note that roughly half of NADB's financing -US$1.18 billion- has been invested in 98 projects located in U.S. border communities in the four border states of Texas, New Mexico, Arizona and California.
4 Reason 2: NADB has been a good steward of resources and has brought transparency and accountability to project development. Due to its strong capitalization and support from the U.S. and Mexican governments, NADB has maintained a high credit rating which has played a crucial role in its ability to access the capital markets at low interest rates. The benefit of those low rates has been transferred to project sponsors and hence to the development of infrastructure in the border region. NADB develops projects in a manner that requires open and competitive bidding, as well as public stakeholder participation in order to ensure that the project is viable from a technical, financial and social perspective. Through its results measurement program, NADB verifies that its projects perform as intended to improve the environment and related health conditions for border residents. Reason 3: Capital increases are necessary to sustain effective development institutions. NADB was created with a total capitalization of US$3 billion. Of this amount, US$450 million is paid-in capital, contributed in equal parts by the U.S. and Mexico, with the remaining balance in the form of callable capital-a pledge from the two governments to honor NADB's obligations, but not for funding projects. The need for a capital increase reflects success in NADB's mission. Since 2009, NADB's loan portfolio has grown at an average annual rate of 36 percent, with total disbursements of more than US$1.3 billion to support communities in the border region. NADB is projecting annual loan disbursements of US$230 million over the next five years. The additional capital will enhance the capacity of the NADB to support the financing of a robust project pipeline for several years, while maintaining its strong financial position. Why is NADB Important for San Antonio? San Antonio is a city in close proximity to the U.S.-Mexico border, with close economic ties to Mexico. Infrastructure conditions along the border region impact trade facilitation, economic development, and social conditions in both countries. While San Antonio is not within NADB's region of operation, the city has benefited from energy projects in the Texas border region funded by NADB, as the City of San Antonio is the purchaser of electricity generated by wind and solar projects developed by private-sector entities. NADB is a strong corporate citizen that is an important symbol of San Antonio as a NAFTA hub and a critical player in the U.S. Mexico bilateral relationship.
5 INTERNATIONAL TRADE ISSUE PAPER Jose E. Martinez President & CEO Free Trade Alliance Trans-Pacific Partnership (TPP) Issue Paper Request: Pass the Trans-Pacific Partnership (TPP) to help unlock opportunities for San Antonio businesses by providing increased access to some of the fastest growing markets in the world. Background: On October 5, 2015, Trade Ministers from the United States and 11 other countries (Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam) completed negotiations on the Trans-Pacific Partnership (TPP) agreement, which will support economic growth and jobs by removing trade barriers for goods and services, improving intellectual property protection, and creating new 21st century trade rules. The TPP will help increase U.S. trade and investment ties with these countries, which have a combined population of 486 million people and account for about 15 percent of global trade. Currently, the United States International Trade Commission (USITC) is completing an investigation on expected impacts of the TPP. Based on information provided by our sources in Washington DC, it is difficult to speculate when to expect TPP to come up for a vote. The Administration wants it to come up before the elections, but some in Congress are saying lame-duck session or later. The overall speculation we have is that the goal is this year. Once the president submits the legislation to Congress that is when the clock officially starts the countdown to approval of TPP. The highlights of TPP include: TPP will eliminate more than 18,000 taxes & other trade barriers on American products across the 11 other countries in the TPP barriers that put American products at an unfair disadvantage today. Comprehensive market access. The TPP eliminates or reduces tariff and non-tariff barriers across substantially all trade in goods and services and covers the full spectrum of trade, including goods and services trade and investment, so as to create new opportunities and benefits for our businesses, workers, and consumers. Regional approach to commitments. The TPP facilitates the development of production and supply chains, seamless trade, and cross-border integration, as well as opening domestic markets. Addressing new trade challenges. The TPP promotes innovation, productivity, and competitiveness by addressing new issues, including the development of the digital economy, and the role of state-owned enterprises in the global economy.
6 Inclusive trade. The TPP includes new elements that seek to ensure that economies at all levels of development and businesses of all sizes can benefit from trade. It includes commitments to help small- and medium-sized businesses understand the Agreement, take advantage of its opportunities, and bring their unique challenges to the attention of the TPP governments. It also includes specific commitments on development and trade capacity building, to ensure that all Parties are able to meet the commitments in the Agreement and take full advantage of its benefits. Platform for regional integration. The TPP is intended as a platform for regional economic integration and designed to include additional economies across the Asia-Pacific region. Reasons to Support Passage of TPP Reason 1: TPP expands trade between San Antonio and existing Free Trade Agreement (FTA) Partners. The TPP agreement will provide San Antonio companies an opportunity to increase their goods and services trade with current FTA partners and ensure that such trade remains rulesbased, open, and competitive. Of the 11 TPP countries, six (Australia, Canada, Chile, Mexico, Peru, and Singapore) are current U.S. FTA partners and generate substantial trade in both goods and services. Of these six countries, Canada and Mexico are top markets for San Antonio exports per the Trade & Investment Strategy Completing the TPP agreement will help support existing trade and ensures that updates are subject to 21st century trade rules. Specifically, the TPP negotiations provide an opportunity to address a range of important barriers that continue to impede exports to these countries. The TPP will also help San Antonio manufacturers buy the inputs they need to produce competitive products. For example, Canada and Mexico play key roles in global supply chains for San Antonio companies such as HEB and Toyota. The TPP will help to support these global supply chains and facilitate further trade with current bilateral FTA partners. Reason 2: TPP opens new markets in Countries that are not current Free Trade Agreement (FTA) Partners. The TPP will also provide San Antonio companies with an opportunity to open new markets for their goods and services in countries that are not current FTA partners. Of the 11 TPP countries, five (Brunei, Japan, Malaysia, New Zealand, and Vietnam) are not current U.S. FTA partners. These new FTA TPP countries have the potential to be vibrant new markets for San Antonio exports. Of these five countries, Japan is a top market for San Antonio exports per the Trade & Investment Strategy San Antonio has some trade ties with these countries. However, San Antonio producers currently face steep tariffs and other barriers to certain exports to these countries. The TPP negotiations provide an avenue for removing these barriers and increasing exports. The TPP could expand the number of San Antonio producers who benefit from trade because the new FTA TPP countries tend to buy a diverse mix of products. Reason 3: TPP strengthens investment ties between San Antonio & all TPP Countries.
7 The TPP will help strengthen investment ties between San Antonio and all 11 TPP countries. Companies headquartered in TPP countries have already invested in San Antonio. Companies from Mexico, Canada and Japan serve as an important source of business investment and job creation in San Antonio. By removing barriers and strengthening partnerships, the TPP will encourage companies based in TPP countries to increase their business investment in San Antonio, supporting economic growth and jobs. Why is TPP Important for San Antonio? For over a year now, San Antonio has been working on implementing the 2015 Trade and Investment Strategy. The goal of the strategy is to make San Antonio globally competitive to attract investment and increase the exports of local companies. The progress of TPP is important to ensure the objectives outlined in the trade and investment strategy are aligned to capitalize on opportunities presented by the TPP. Activities related to the implementation of the strategy are currently focused on Mexico, Canada and Japan. However, Chile is a country of interest, but currently falls outside of the targeted countries of the strategy. In 2016 San Antonio will: Implement a new export program in collaboration with Casa San Antonio that will focus on exporting to Mexico. Continue to support inbound/outbound trade missions. Last year San Antonio hosted several trade missions from Japan and Mexico. Coordinate an export oriented trade mission to Chile. This trade mission will also include visits to Argentina and Brazil. Invest in proprietary databases that will provide valuable information on these markets to be used to help develop export strategies for San Antonio companies.
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