By Kris Johnson

In December, Washington employers and manufacturers had a number of items on their holiday wish list. The reauthorization of the U.S. Export-Import Bank and the ratification of the United States-Mexico-Canada Agreement, or USMCA, were at the top.

It looks like wishes do come true.

When Association of Washington Business members traveled to Washington,

D.C., for our annual AWB D.C. Fly-in last December, we met with members of

Congress from both parties to discuss these and other issues. As the most

trade-driven state in the nation, Washington has a lot at stake when it comes

to trade policy.

The Export-Import Bank plays a critical role in supporting the

manufacturing sector. Hundreds of Washington manufacturers rely on its

insurance and loan products and services to bring their products to markets

around the globe.

We’re not just talking about large corporations. Most companies that use

the bank are small- and medium-sized employers located in communities across

the state, from Anacortes to Yakima.

Founded in 1934, the Export-Import Bank requires periodic

reauthorization by Congress to operate. The most recent reauthorization ended

Sept. 30, but the charter was extended through a stopgap spending bill.

Shortly before the D.C. Fly-in, the House passed legislation reauthorizing

the bank. About two weeks later, the Senate followed suit. On Dec. 20,

President Trump signed a spending package that included reauthorization of the

bank through 2026, giving employers the certainty and support they need to

enter into export agreements.

A few weeks later, manufacturers, farmers, tech employers and others had

a second reason to celebrate as the Senate voted to approve the USMCA, sending

it to the president’s desk for signature. The president signed the agreement in

late January.

The USMCA modernizes the 26-year-old North American Free Trade

Agreement. NAFTA removed trade barriers and tariffs between the U.S., Mexico

and Canada, allowing trade to flourish among the three countries.

In 2017 alone, Washington exports to Canada and Mexico totaled $7.7

billion and $2 billion, respectively. The state’s top exports included computer

and electronic products, processed food, primary metal products and paper.

The USMCA builds on NAFTA’s success while addressing issues that have arisen

since the agreement’s passage.

It raises standards and improves transparency. It ends anti-U.S.

discrimination from foreign governments and supports high-paying jobs for

Americans. It improves environmental and labor protections and adds

intellectual property provisions.

The world has changed

dramatically since 1994, especially in terms of technological innovation.

People were barely using email, and the first iPhone wouldn’t hit the market

for another 13 years. A new trade agreement will better meet the needs of

today’s global economy.

The combination of the USMCA and extension of the Export-Import Bank charter

are welcome news for Washington’s economy and a positive way to start the new

year. It’s time to bring trade into the 21st century so our employers, our

workers and our economy can continue to thrive.

Kris Johnson is president of the Association of

Washington Business, the state’s chamber of commerce and manufacturers

association.