Inside Global Trade Newsletter
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A monthly L.A. Area Chamber update regarding Global Trade and Foreign Investment

Chamber Leaders Gather to Highlight International Trade

With a vibrant international economy, the Chamber continues to lead in fostering global trade. The Chamber recently began the journey towards the 2024 World Trade Week to celebrate and educate the importance and benefits of global trade. The Chamber, Dr. Noel Hacegaba, Chief Operation Officer of the Port of Long Beach and 98th World Trade Week Chair, and a strong band of committee members from both public and private sectors, met to discuss the promised innovation, collaboration, and unprecedented growth in world trade. World Trade Week is not just an event — it's a celebration of the intricate web that binds our world together in the tapestry of global trade.

Chamber Joins China Trade & Investment Network

The Chamber became a network member of the China Trade & Investment Network (CTIN) by entering into an agreement with the Governor’s Office of Business and Economic Development (GO-Biz). This agreement opens networking opportunities with other chambers of commerce and economic development organizations around the state. Through the L.A. Area Chamber, our members will now have access to information related to California-China trade and investment opportunities, events, trade missions, and more from GO-Biz and other CTIN members.

Swiss Ambassador Visits Chamber

Chamber President & CEO, Maria S. Salinas, met with the Swiss Ambassador to the U.S., Jacques Pitteloud. The Swiss delegation visited Los Angeles to advance cooperation between California and Switzerland within sustainable infrastructure development. Ambassador Pitteloud highlighted the Los Angeles region’s importance to the global economy, due to its thriving innovation and diverse workforce. Notably, Switzerland is the sixth-leading foreign investor in California, supporting more than 40,000 jobs throughout the state.

Chamber Meets with Lithuanian Vice Minister of Agriculture

Chamber Vice President of Global Trade and Foreign Investment, Ken Wengrod, met with Vytenis Tomkus, Vice Minister of Agriculture for the Republic of Lithuania, to discuss the thriving Californian food and beverage sector and explore wider opportunities for cooperation with Lithuanian businesses. The meeting included 14 delegates representing agricultural companies as well as a Lithuanian company focused on sustainable farming techniques. The U.S. is an important trade partner for the Baltic nation, and there are opportunities for regional businesses to engage.

Chamber Meets with Commerce Leadership on Indo-Pacific Region

The Chamber hosted a listening session with Grant T. Harris, Assistant Secretary of Commerce for Industry and Analysis, to share thoughts, insights, and recommendations on building resilient and competitive supply chains in the Indo-Pacific Economic Framework for Prosperity (IPEF) region. One of the key challenges discussed in the meeting was retrieving relevant data within the supply chain, particularly when different stakeholders are using separate operating systems. This issue highlights the importance of interoperability and data compatibility for efficient supply chain management, as it can be difficult to obtain a comprehensive view of the supply chain. The final text of the IPEF Supply Chain Agreement was released on Sept. 7 and can be found here.

Chamber Meets Delegation from South Korean Jeollabuk-do Province

The Chamber’s Global team met with a South Korean Delegation from the Jeollabuk-do Province on Thursday, Oct. 12. Kim Kwan-young, Governor of Jeollabuk-do Province, was accompanied by a delegation, which included Yoon Bang-seob, Chairman of Jeonju Chamber of Commerce, and Kim Dae-sik, Secretary General for Jeollabuk-do Center for International Affairs. The meeting explored the economic interests shared by Jeollabuk-do and the Los Angeles region as well as possibilities for future collaboration between the Los Angeles Area Chamber of Commerce and the Jeonju Chamber of Commerce in South Korea.

Commerce Secretary Meets with Vietnam Prime Minister

U.S. Commerce Secretary Gina Raimondo met with the Vietnamese Prime Minister, Pham Minh Chinh during his visit to the U.S. for the U.N. General Assembly's 78th session. They discussed a recent U.S.-Vietnam Comprehensive Strategic Partnership and explored ways to enhance regional economic engagement. Vietnam is a key trade partner for California and is the state's 17th-largest export destination. This partnership will further our region's trade ties with the Southeast Asian country.

U.S. Hosts Trade Discussions with Mexico

Senior U.S. and Mexican officials held the third meeting of the U.S.-Mexico High-Level Economic Dialogue (HLED) in Washington, D.C. The HLED was relaunched in 2021 to strengthen economic ties between the two countries, and total trade reached a record high in 2022, surpassing $864 billion. Given Mexico's significance as a trade partner for the Los Angeles region, expanding the relationship will benefit our region's business community. Read their joint statement here.

Commerce Updates Semiconductor Alert Mechanism

The U.S. Department of Commerce has launched an updated Semiconductor Alert Mechanism, managed by the International Trade Administration (ITA). This system allows industry stakeholders to report disruptions in semiconductor supply chains, improving the identification of bottlenecks and the allocation of government resources to reduce risks. Interested parties in the Los Angeles region can submit information regarding any new, ongoing, or potential disruptions to microelectronics and semiconductor manufacturing facilities and their related supply chains around the world here. Learn more about the Semiconductor Alert Mechanism here.

DCOG Investment Opportunity

IDA Ireland, a member of the L.A. Area Chamber's Diplomatic and Commercial Officer Group, is inviting member businesses interested in investing and scaling in the European Union to explore doing so through Ireland – Europe's fastest-growing economy and a gateway to more than 450 million European consumers. As Ireland’s economic development agency, IDA Ireland provides pro-bono support for members’ international expansion efforts, such as due diligence info, tailored site visits, fast-track visas, financial incentives grants, access to the government system and more. To learn more about partnering with IDA Ireland, please visit here.

AGOA Forum in Johannesburg

South Africa is hosting the African Growth and Opportunity Act (AGOA) Forum in Johannesburg from Nov. 2 to 4. The event will allow more than 200 U.S. buyers to have targeted interactions with suppliers from AGOA participating countries. This year's featured industries are agriculture and agro-processing, automotive, mining, and machinery. Potential buyers will receive assistance from the South African Department of Trade, Industry, and Competition to travel to South Africa for the duration of the Exhibition. Interested businesses should reach out to Noemi Ordonez for the required documentation and processing. Learn more about the event here.

Vietnam-US Business Seminar

Meet with 50 prominent CEOs from Vietnam and learn about trade and investment opportunities on Nov. 13 at the Vietnam-U.S. Business Seminar. The event will include an economic overview of California and business opportunities in L.A., information on how the U.S. Commercial Service in Los Angeles supports local businesses going international, business matching, and more. Register here.

Consulate General of India Business Forum

The Consulate General of India is hosting a Business Forum to enable a high-level delegation of Indian businesses to meet with industry representatives from the Los Angeles region on Oct. 30. The business forum and meetings will explore avenues of cooperation between Indian and local U.S. companies. More than 20 companies will represent the finance, IT, energy and textile sectors from Gujarat India. The delegation will be led by J.P. Gupta, Additional Chief Secretary, a senior officer of the Government of India. Those interested in attending the event should email here.