Remarks by Under Secretary of Commerce for International Trade Marisa Lago at the Congressional Hispanic Leadership Institute’s Annual Trade and International Affairs Symposium

Washington, DC

September 25, 2024

As Prepared for Delivery

Good afternoon, everyone. Muy buenas tardes. Es un placer estar aquí con ustedes.

Warm thanks to the Congressional Hispanic Leadership Institute for hosting me today, and for bringing together such a dynamic group of Hispanic American leaders.

As a proud member of the Spanish diaspora, I feel a personal connection to the Hispanic American community and to Hispanic Heritage Month. My family came to the United States as so many do: in pursuit of economic opportunity and security, as they fled the violence and poverty of the Spanish Civil War.

Whether through lengua, cultura o familia, our community shares such strong ties across generations and geographies. And, with a nod to today's focus on international trade, these connections unlock tremendous economic opportunities. To give you a sense of the scale, over 5 million Hispanic-owned U.S. businesses contribute over $800 billion to the U.S. economy - every year!

No matter which sector you represent, each of you here today recognizes the power of economic opportunity to transform the lives of individuals, families, entire communities and our nation.

For my part, this recognition has guided my career, bringing me to the organization that I've been privileged to lead for almost three years: the U.S. Department of Commerce's International Trade Administration - or ITA for short.

The first-rate team at ITA comprises over 2,300 trade and business experts, who are strategically positioned across 100 U.S. locations and 80 international markets. Our core mission is to advance inclusive economic prosperity. And, a growing focus has been to strengthen U.S. economic security, knowing that it is an integral dimension of national security.

So, what does that mean in practical terms? Of course, ITA's bread and butter is the promotion of U.S. exports - physical goods, of course. But also intangible services - from information and communications technologies, to financial services, to travel and tourism, to education - to name just a few examples.

In particular, ITA promotes U.S. competitiveness by advocating for cutting-edge U.S. businesses that are bidding for international projects. Throughout our regular engagements with foreign governments, we proudly tout the vibrant U.S. private sector and its high-quality, competitive products and services across a wide array of sectors.

Here at home, ITA helps to attract foreign direct investment (FDI) into the United States, building on our country's ranking as the world's top destination for FDI. Even though we've secured this top ranking for 12 years in a row, we never take it for granted, knowing that we must continue earning it every single year.

Another valuable resource that ITA provides is extensive industry data and analysis for decision-makers - from business executives to policymakers. We offer detailed information about the latest market trends, about top export markets for specific industries, and about potential supply chain vulnerabilities - information that is especially relevant in an era of evolving geopolitical competition and risks of economic coercion.

ITA also enforces international trade laws and agreements, leveling the playing field for U.S. businesses and workers. We are proud to take enforcement actions against unfair trade practices - whether preferences for state-owned enterprises, or excessive subsidies, which are now increasingly transnational.

Overall, ITA's wide-ranging work brings huge economic benefits to U.S. businesses, workers and communities. So far this year, ITA has supported over $125 billion worth of U.S. exports, advocacy wins, and inflows of FDI - altogether contributing to nearly 460,000 U.S. jobs. And, this year alone, ITA has served nearly 78,000 U.S. businesses, 80% of which have been small and medium-sized enterprises.

In recent years, ITA has been laser-focused on adapting to new geopolitical realities. We're laying the groundwork to strengthen and diversify U.S. supply chains, especially for critical and emerging technologies like semiconductors. We're expanding the United States' trade and investment relationships with likeminded partners, deepening cooperation across priority sectors - from artificial intelligence to clean energy solutions.

The commercial opportunities are especially vast in the Americas, where the United States traded $1.9 trillion worth of goods and services last year - more than with any other region in the world.

Across Latin America and the Caribe, ITA has offices in 14 countries: Argentina, Brazil, Chile, Colombia, Costa Rica, la República Dominicana, El Salvador, Guatemala, Guyana, Honduras, Mexico, Panama, Peru and Uruguay. And we've continued to expand our reach, including by opening a new office in Georgetown, Guyana, last year.

To give you a sense of the breadth of our engagements across the region, just last week I joined Brazil's stellar Secretary of Foreign Trade, Tatiana Prazeres, to co-chair the 22nd plenary of the U.S.-Brazil Commercial Dialogue. This longstanding platform for cooperation continues to make robust progress across an impressive agenda that includes the digital economy, supply chains, intellectual property protections, good regulatory practies, climate, gender and labor protections.

In June, I was honored to join the U.S. Presidential Delegation - led by U.S. Secretary of Homeland Secretary Alejandro Mayorkas, another proud member of our Hispanic-American community - to the second inauguration of El Salvador's President, Nayib Bukele. In our meeting with President Bukele, we discussed opportunities for cooperation on economic issues, including his administration's focus on economic development, plans for nationwide 5G coverage, and his goal of transforming El Salvador into a regional tech hub. One of the most visible symbols of this evolution was a large Google sign on one of San Salvador's tallest skyscrapers - a visible manifestation of the government's $500 million agreement with the company.

That same week, I traveled to Guatemala, where I was the U.S. Commerce Department's first senior official to meet with key members of President Bernardo Arévalo's new administration. Meeting shortly after the Arévalo administration's first 100 days in office, we discussed his administration's top commercial and legislative priorities - spanning from anti-corruption initiatives to a proposed competition law that the U.S. business community has long sought.

Earlier this year, I also traveled to Argentina, meeting with President Javier Milei's administration to raise priority issues on behalf of U.S. companies. The timing was favorable, as President Milei's team - only a handful of months into office at the time - was beginning to pursue various needed economic and business reforms. I went on to Uruguay to sign a sweeping Memorandum of Understanding between our countries to further deepen our collaboration on technologies of the future: AI, telecommunications, biotechnology, clean energy and semiconductors.

Turning now to ITA's resources and services for Hispanic American businesses, we launched the Global Diversity Export Initiative - or GDEI - to ensure that the benefits of international trade and investment are broadly shared. GDEI leverages national chambers of commerce and a wide array of business associations to ensure that ITA's trade missions, events and business counseling services reach businesses in all communities - regardless of their size or location.

For example, ITA's Building Bridges to Global Markets program brings in-person expertise to communities across the country, providing tailored advice to local businesses about exporting to global markets - from identifying and vetting potential partners, to complying with international regulations, to accessing financing. It was a pleasure to speak at one of these Building Bridges events earlier this year, which ITA conducted in close partnership with the U.S. Hispanic Chamber of Commerce.

Additionally, ITA has established seven new Rural Export Centers - going from just one to eight over the course of a year. These Rural Export Centers, which are specifically designed to serve U.S. businesses in rural communities, are located throughout the United States - from Boise, Idaho; to Midland, Texas; to Charleston, West Virginia.

Looking ahead, in mid-November, ITA will lead a trade mission to the Caribe focusing on minority-led, small and medium-sized U.S. businesses. Under the banner of our Global Diversity Export Initiative, this trade mission will offer targeted one-on-one meetings with potential buyers, distributors, business partners and U.S. commercial diplomats across la República Dominicana, The Bahamas, Barbados, Guyana, Jamaica, Suriname, and Trinidad and Tobago.

I'm also pleased that, in April of next year, ITA will lead our largest annual trade mission and business development forum - called Trade Winds - to Latin America. In addition to hosting the main business forum in São Paulo, Brazil, ITA will bring over 100 U.S. companies to spinoff trade missions in Argentina, Chile, Colombia and Uruguay. I highly encourage you and your companies to consider joining us for these upcoming opportunities, especially the trade mission to the Caribe. Registration closes this Friday!

As these many examples demonstrate, the international trade and investment opportunities for Hispanic American businesses are tremendous. Day in and day out, the ITA team and I are here to work with you - to continue boosting U.S. competitiveness and generating even more economic opportunities for U.S. businesses, workers and communities.

¡Muchísimas gracias!

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