S. 1125: Cultural Trade Promotion Act

The Cultural Trade Promotion Act aims to enhance the ability of creative industries and occupations in the United States to export their goods and services. Here are the key components of the bill:

Definition of Creative Industries and Occupations

The bill defines "creative industry or occupation" as those that:

• Have a significant influence on local economies or Native American community economies and provide opportunities for advancement.
• Include sectors such as design, crafts, music, visual and media arts, performing arts, language, literature, and expressions of Native cultures.

Support for Microenterprises

The legislation emphasizes support for microentrepreneurs in addition to small and medium-sized businesses. This includes changes in relevant regulations to offer better assistance to these smaller entities, ensuring they can participate in international trade.

Promotion of Native Hawaiian Arts

Efforts are made to promote exports specifically from Native Hawaiian-owned businesses and the arts and crafts of Native Hawaiians, expanding the focus beyond just American Indian crafts.

Improving International Shipping

The bill calls for collaboration between various government officials, including the Under Secretary of Commerce for International Trade, to facilitate better access to reliable international shipping services for microenterprises and small businesses.

A Focus on Creative Industries

It also directs the Trade and Development Agency to prioritize creative industries and occupations when considering international trade initiatives, highlighting their importance in the global market.

Travel and Tourism Advisory Board Representation

The Secretary of Commerce is instructed to ensure that a representative from creative industries and occupations is appointed as a permanent member of the United States Travel and Tourism Advisory Board, further integrating these sectors into broader economic discussions.

Overall Goal

Ultimately, the Cultural Trade Promotion Act seeks to create a more robust framework for promoting and exporting American creativity and innovation, benefitting not only the creative sectors but potentially boosting local economies and communities throughout the country.

Relevant Companies

• AMZN - Amazon.com, Inc.: As a major platform for selling creative goods, Amazon could see changes in policy that might encourage more sellers from creative industries.
• AAPL - Apple Inc.: Apple, known for its focus on design and creativity, may benefit from increased visibility and support in foreign markets for creative applications and content.