The global economy has become directly important to the American economy, and this does not apply exclusively to large corporations. And SMEs make up over 97 percent of all of our firms that export. SMEs have not only played a major role in our export expansion, they have also proven to be its main beneficiary. Overall, they accounted for 30 percent of all U.S. exports in 1997. When we look at our exports to China, SMEs are no less significant.
Lets look at some of the facts.
China's WTO accession will be significantly benefit American SMEs in two ways. First it binds the largest emerging market in the world to the rules of the road in trade. Second, it significantly improves the business environment within China. Both of these factors are very important to small business. Small businesses traditionally have smaller resources than larger ones and without corporate lawyers or huge coffers, WTO rules are critical to them to fight against trade barriers and resolve disputes.