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The Trans Pacific Partnership and Oklahoma

While the campaign trail has been littered with debates about the efficacy of free trade agreements, including the proposed Trans-Pacific Partnership, the details of these agreements are difficult to decipher for the average Oklahoman. Thanks to our partners at the U.S. Department of Commerce’s Oklahoma City office, the numbers and details of Oklahoma’s connections to TPP countries is visible.

Download

Download the infographic.

Some of the more interesting figures include:

  • 52 percent of Oklahoma’s goods exports went to TPP countries in 2014
  • 1,780 companies from Oklahoma exported goods to TPP countries in 2013 – 83 percent were small and medium sized companies

To learn more about the potential impact that the TPP will have on Oklahoma, click on the image for the full infographic. To learn more about the Oklahoma’s U.S. Export Assistance Center, get in touch with OKGIT member Marcus Verner.

 

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Insurance and tax credit assistance available to Oklahoma exporters July 26

Available through the EXIM Bank of the United States of America on July 26, Oklahoma exporters can log in from the comfort of their offices or home to learn about credit insurance and tax credit assistance when shipping their products abroad.

Register for this free webinar taking place at 1 p.m. Central Standard Time here.

EXIM will host a brief, one hour webinar on IC-DISC and Export Credit Insurance. For those of us outside the complicated realm of federal government-inspired acronyms, IC-DISC is an IRS export tax credit program that helps small and medium sized American firms reduce their tax burden.

Presenters will include:

  • Jennifer Simpson – Regional Director, EXIM Bank
  • Paul Ferreira – President, Export Tax Management
  • Adrienne Selko – Panel Moderator, Senior Editor at IndustryWeek

If you think your firm may be among the 50 percent of American SMEs who are overpaying on their export taxes, this is the webinar for you. Link to the registration page here.

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Growing opportunities in Morocco for Oklahoma firms

Shared from our friends over at GlobalTrade.net, Oklahoma-based companies have an opportunity to expand to one of the U.S.’ growing trade partners with access to the wider Mediterranean. According to GlobalTrade.net’s latest country report,  “trade between the United States and Morocco totaled slightly above $2.6 billion in 2015. The United States exported a total value of $1.6 billion and imported $1 billion worth of goods…

“The United States export mainly apparel and food manufactures, electrical equipment and appliances, mineral fuel and oil as well as cereals. Imports from Morocco are mainly fertilizers, raw materials (salt, sulfur, earth and stone), electrical machinery and woven apparel.

“New opportunities for business can be found in particular in agricultural products, textiles and the banking sector.”

For Oklahoma agriculture exporters, especially wheat farmers coming off a better than expected 2016 summer harvest, the USDA’s forecast for nearly 3 million tons of wheat imports (up from 2.8 initially predicted) into Morocco is a positive.

To read the full GlobalTrade.net article, please click here.

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Brexit impact on Oklahoma

It seems that the political situation in the United Kingdom changes by the hour following the late-June referendum sending the U.K. out of the European Union. Despite trade between the U.S. and U.K. accounting for .5 percent of the former’s economic output, the interconnected nature of global markets and long cultural and historical ties between the two nations means that the impact will ripple across the Atlantic.

Naturally, global stocks markets have been bruised by the uncertainty, but closer to home, Oklahoma firms will also face challenges in the coming months as a result of the Brexit.

Exporters with customers inside the EU face challenges with the rising dollar, the increased value of which compared to the British pound, makes U.S. goods more expensive in Europe. The unclear regulatory environment, specifically for American firms with manufacturing operations inside the U.K. whose products are shipped to EU markets, may result in these firms facing higher costs in terms of items clearing customs and increased tariffs.

On the opposite side of the coin, for Oklahoma firms importing items from international producers, the influx of cheaper goods has the potential to benefit consumers here at home.

While President Obama’s pre-Brexit prediction that the U.K. would go to the back of the line if it left the EU in terms of a free trade agreement with the U.S., Speaker of the House Paul Ryan broached the possibility of the island nation joining NAFTA on June 28. Though no announcement of such a prospect emerged from the NAFTA leadership summit being held in Canada the following day, the addition of the U.K. would impact American businesses.

The combination of anemic domestic hiring numbers in the past two months combined with uncertainty in global markets may result in the U.S. Federal Reserve delaying its interest rate increase plan. According to Bloomberg, “Fed Chair Janet Yellen had been saying that an increase could be appropriate “in coming months,” but that language has been conspicuously absent from her speeches following a weak May jobs report.”

For Oklahoma’s small businesses and entrepreneurs though, the Fed’s delay could provide a short-term benefit. As noted in Forbes, “small business owners and aspiring entrepreneurs still benefit from low interest rates, relatively loose purse strings, and the efficiency of borrowing thanks to financial technology advances.”

For the time being, Oklahoma firms have an excellent resource for all of their questions through OKGIT partner Karen Bell, British Honorary Consul in Houston, whose diplomatic jurisdiction include Texas, , Arkansas, Louisiana and Oklahoma.

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Oklahoma firms, boost your customer base with international sales

Though the state’s economy has slowed as of late, Oklahoma producers still have customers waiting to purchase Sooner State-made products. Through support services from the EXIM Bank of the Untied States, Oklahoma firms can meet new buyers for their products while safeguarding their investments against the risks of doing business abroad.

Through the EXIM Bank’s export credit insurance program, Oklahoma companies seeking to expand internationally can:

  • Grow their business in new, untapped markets
  • Offer competitive credit terms to foreign customers
  • Unlock more attractive bank financing
  • Transfer the burden of credit management
  • Realize tax benefits

To learn more about EXIM Bank’s services for Oklahoma companies, please click here.

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OKGIT’s Ian Ogilve presented with Governor General’s Medallion

One of the Oklahoma Governor’s International Team’s own received a distinguished award from Queen Elizabeth’s representative in Canada in late May. Canadian Governor General David Johnston presented OKGIT member and dual American-Canadian citizen Ian Ogilve with the Governor General’s Medallion during a visit to the Sooner State on May 28, 2016.

Ogilve was honored for his service in fostering closer ties between Oklahoma and Canada, in recent years helping spearhead the first visit of Canadian Consul General Sara Wilshaw to Oklahoma. Of interesting note, Governor General Johnston’s 2016 trip to Oklahoma was the first by an individual in that office. The governor general is, on the advice of the prime minister of Canada, appointed by the reigning British monarch to carry out the crown’s constitutional and ceremonial duties in the commonwealth realm. The office is non-partisan and also serves as the Canadian Armed Forces commander in chief.

On May 28, Governor General Johnston visited the Oklahoma capitol hosted by Chris Benge, Oklahoma Secretary of State and Native American Affairs in the Capitol Blue Room.

Left to right: Michael Carolina of OCAST, John Westerheide of GE Global Research Center of Oklahoma City, Scott Meacham of i2E, Sir David Johnston the Governor General of Canada, Oklahoma Secretary of State Chris Benge, Consul General of Canada in Dallas Sara Wilshaw, Jim Nickel of Global Affairs Canada, Stephen McKeever Oklahoma Secretary of Science and Technology.

Left to right: Michael Carolina of OCAST, John Westerheide of GE Global Research Center of Oklahoma City, Scott Meacham of i2E, Sir David Johnston the Governor General of Canada, Oklahoma Secretary of State Chris Benge, Consul General of Canada in Dallas Sara Wilshaw, Jim Nickel of Global Affairs Canada and Stephen McKeever Oklahoma Secretary of Science and Technology.

The same day, the governor general wrote an op-ed for The Oklahoman, which can be read here on fostering closer American-Canadian cultural and economic ties.

The ties between Oklahoma and Canada emblematic of the U.S.-Canadian relationship, with Canada’s role as the U.S.’s largest export market, more than 50,000 jobs in Oklahoma depend on the $6 billion trading relationship. As the governor general noted in his op-ed, a significant portion of that trade involves the oil and gas industry.

“Energy is an important component,” he wrote. “Canada contributes to North American energy security, with Canadian oil joining crude from Oklahoma, North Dakota, Texas and other states at North America’s oil supply hub at Cushing. Meanwhile, more than half of Oklahoma’s exports to Canada consist of equipment and machinery. We’re also partners in aerospace, agriculture and a growing number of science, innovation and education initiatives.”

(Top photo: Consul General Sara Wilshaw (left) and His Excellency the Right Honorable David Johnston (right) present Ian Ogilve (center) with the Governor General’s Medallion.)

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Census Bureau hosting Automated Export System seminar July 21, 2016

From our friends at the U.S. Department of Trade…” How well do you know the Foreign Trade Regulations (FTR) and the Automated Export System (AES)? Do you have a transition plan to the ACE platform? Do you understand how to classify your commodities? This export compliance seminar is a one-day program bringing together experts from the U.S. Department of Commerce to provide training on export filing requirements.”

When and where:

  • Thursday, July 21, 2016
  • 8:15 AM – 5:00 PM (Registration / Breakfast at 7:30 AM; Lunch included)
  • Cost: $225/person
  • University of Miami School of Business, Storer Auditorium, 5250 University Drive, Miami, FL 33146

Oklahoma firms interested in manufacturing, exports, customs and compliance software will learn:

  • Regulations/filing requirements of the FTR
  • How to avoid common penalties and seizure of cargo
  • AESDirect transition to Automated Commercial Environment (ACE)
  • How to classify your product by Schedule B number and Export Control Classification Number (ECCN)
  • BIS export control requirements
  • Export enforcement
  • Identifying red flags
  • Best practices for maintaining compliance

On site will also be speakers and professionals from the U.S. Census Bureau’s branches of Commodity Analysis, Automated Export System, and Regulations as well as the Bureau of Industry and Security,customs and border Protection and the Department of Homeland Security.

For More Information and to Register visit: www.export.gov/florida/aes

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CCK Strategies receives Presidential Award for Export Service

U.S. Secretary of Commerce Penny Pritzker presented CCK Strategies with the President’s “E” Award for Export Service at a ceremony in Washington, D.C., May 16. The President’s “E” Award is the highest recognition any U.S. entity can receive for making a significant contribution to the expansion of U.S. exports.

“Congratulations to CCK Strategies being honored today for its achievements in exporting,” said Secretary Pritzker of the Tulsa-based global tax and accounting firm. “The “E” Awards Committee was very impressed with the organization’s work to help exporters understand the export process and enter new international markets. Their success contributes to growth, job creation, competitiveness, and the success of the American economy.”

“This year’s “E” Award winners have shown tremendous dedication to expanding into foreign markets, often overcoming significant barriers,” said Thomas Strauss, Southern Regional Director of U.S. Commercial Service. “Having access to tools and resources provided by the U.S. Commercial Service, these businesses are better primed for tapping into global market opportunities where 95 percent of all consumers exist.”

CCK Partner Eric Kunkel expressed, “CCK has the good fortune to work with many successful companies which are making substantial contributions to the U.S. Economy with innovation, quality new jobs and economic development. Exporting is crucial to the success of these businesses. This recognition for CCK is a direct reflection of the great work being done by our entrepreneurial clients.”

In 1961, President Kennedy signed an executive order reviving the World War II “E” symbol of excellence to honor and provide recognition to America’s exporters. In 2015, U.S. exports totaled $2.23 trillion, accounting for nearly 13 percent of U.S. GDP. Nationally, exports contributed to the U.S. economy, supporting an estimated 11.5 million jobs.

U.S. companies are nominated for the “E” Awards through the Department of Commerce’s U.S. Commercial Service office network. Criteria for the award is based on four years of successive export growth and case studies which demonstrate valuable support to exporters resulting in increased exports for the company’s clients.

CCK is a non-traditional firm that connects globally by working with companies headquartered on four continents with operations in over 25 countries. CCK export revenue from international clients was approximately 21% of CCK’s year 2015 gross revenue, reflecting an increase of approximately 87% from year 2014 export revenue as a percentage of total revenue. This increase in international sales has been a principal driver in CCK employment rise over the last year from 61 to 83 total staff, making CCK one of the largest CPA firms in Oklahoma. The continued growth brings expertise to clients with a variety of business needs in international business consulting and planning, IC-DISC implementation, foreign tax credits, outbound and inbound structure planning, worldwide tax minimization planning, transfer pricing analysis, ASC 740 (FAS 109/FIN 48) and IFRS/GAAP convergence.

Oklahoma depends on world markets, with export shipments of merchandise in 2015 from the state totaling $5.3 billion, which support approximately 36,000 jobs. Foreign controlled companies employ approximately 46,000 Oklahoma workers. Over 3,000 companies export from Oklahoma locations with approximately 84% of these being small and medium-sized companies with fewer than 500 employees.

Last month, CCK Strategies was honored with the 2016 Governor’s Award for Excellence in Exporting. This prestigious award recognizes one or more Oklahoma firms annually for noteworthy success in increasing export sales. The award was presented at the Governor’s luncheon during the 33rd Annual Oklahoma World Trade conference. CCK Strategies’ clients represent two-thirds of the companies honored by these Statewide Export Awards in 2014 and 2015. This reflects CCK’s continuing commitment with clients in the international and export marketplace in tax, accounting and consulting matters.

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Export USA out for May-June 2016

The country’s premier export promotion magazine is out in digital format for May 2016. Export USA offers Oklahoma exporters an affordable way to promote their products and services to 178 countries around the globe.

Read the May-June 2016 edition here.

It’s not just a good read though, as Export USA has connections that Oklahoma exporters need to market their quality products to a wide range of audiences. Rates for inclusion to the magazine’s USA Product Showcase begin at $299.

Learn more by calling 1-800-581-8533 or sign-up at thinkglobal.us/499.

If you have a great product but don’t have the budget for an in-house marketing team, Export USA partner agency ThinkGlobal helps with the development of professional content for your website, mobile devices and print marketing.

Call 1-800-581-8533 or email  thinkglobal.net for more information.

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A new era in Oklahoma firms doing business with Argentina?

Shared via our friends at www.GlobalTrade.net, with better relations on the horizon under new Argentine President Mauricio Macri, now may be the time for Oklahoma companies to assess opportunities and risks to doing business with Argentina.

The agricultural biotechnology sector in Argentina

Argentina continues to be the third largest producer of biotech crops after the United States and Brazil, producing 14 percent of the world ́s total biotech crops. China’s approval of GE events continues to be a top priority for Argentine foreign trade.

See the full Federation of International Trade Association’s report for Argentina online here.

(Top photo: American President Barak Obama shares a toast with new Argentine President Mauricio Macri. Photo courtesy www.WhiteHouse.gov)

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