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Blog Entries from November 29, 2011

Transatlantic Economic Council Discussions Highlight Need for Cooperation in Innovation and Regulatory and Standards Collaboration

Secretary Bryson joins his Cabinet colleagues and senior European Officials at the TEC meeting

On Tuesday, Secretary Bryson and other U.S. government officials had a valuable conversation with senior European Union (EU) leaders on ways to cooperate and achieve the Obama administration’s National Export Initiative (NEI) goals. Since the EU is America’s largest trading partner, they are key to meeting the ambitious goal of doubling exports by the end of 2014.

The economic relationship between the EU and the United States is the largest and most dynamic in the world. The combined gross domestic product accounts for more than $30 trillion – roughly 40 percent of global GDP – and more than 800 million consumers. In 2010, bilateral trade in goods and services surpassed $873 billion. With this relationship so vital, in April 2007 the Transatlantic Economic Council (TEC) was established to provide Cabinet-level political guidance for implementation of specific work programs like intellectual property rights protection and regulatory cooperation.

Tuesday’s discussions made it clear that both the United States and the EU recognize innovation to be the main driving force for continuing this economic success and creating more jobs. In his comments, Secretary Bryson noted that the innovations created through the partnerships of American and European companies can be a greater catalyst for new jobs than innovation done without such collaboration. The Commerce Department is currently working tirelessly in that vein, developing transatlantic links between companies and research centers.

Stolen Intellectual Property Harms American Businesses Says Acting Deputy Secretary Blank

Acting Deputy Secretary Blank joins Attorney General Holder and other Administration Officials at the kickoff event for the IP campaign “Counterfeits Hurt. You Have The Power to Stop Them.”

This afternoon, Acting Deputy Secretary Rebecca Blank participated in an event at the White House to announce the Administration’s progress in cracking down on intellectual property (IP) theft crimes and the launch of a public education campaign intended to increase Americans’ knowledge of the threat these crimes pose to economic prosperity and public safety.  The campaign is entitled “Counterfeits Hurt. You Have The Power to Stop Them.

Counterfeit goods not only can cause harm to the safety of our families, but they also cause harm to our economy and to American businesses.  That’s because the success of the U.S. economy relies heavily on intellectual property; virtually every industry either produces IP or uses it. IP theft costs domestic industries an estimated $200 to $250 billion a year.  This robs American workers of hundreds of thousands of jobs.

Only when American ideas and American inventions are protected, so that innovators receive the rewards from their creativity, can American business prosper and the American economy continues to   grow. It’s also important to remember protecting intellectual property has a multiplier effect, helping create jobs not only within the original firm that owns the IP but also within all the firms that it buys from and sells to.