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Blog Category: Export-Import Bank of the United States

Secretary Bryson Encouraged by President’s Export Council Recommendations to Help Strengthen U.S. Economy

Secretary Bryson addresses the President's Export Council

Yesterday, Secretary John Bryson met with the President’s Export Council (PEC) with two goals in mind: to discuss further ways to strengthen the U.S. economy; and to update PEC members on the actions taken by the Department and the administration to increase exports.

As the principal national advisory committee on international trade, the PEC provides a forum for public-private interaction at all levels of government and business. It is responsible for advising the president on government policies and programs affecting U.S. trade performance, covering topics that range from export promotion to deliberations over specific trade challenges in various industries and sectors.

Since the PEC last met, the Obama administration has made great strides in creating jobs, increasing exports and growing the economy. For example, the U.S.-Korea and U.S.-Colombia free trade agreements were implemented earlier this spring, and will drive billions of dollars in additional annual exports and create tens of thousands of American jobs.

Secretary Bryson Hosts Trade Promotion Coordinating Committee and Export Promotion Cabinet

Bryson and participants seated at conference table

Meeting follows establishment of the Interagency Trade Enforcement Center through Presidential Executive Order signed today

Commerce Secretary John Bryson today hosted a joint meeting of the Trade Promotion Coordinating Committee (TPCC) and the Export Promotion Cabinet (EPC) to discuss strategic priorities for promoting trade and U.S. exports and receive input on new initiatives. Secretary Bryson was joined by officials from the Export-Import Bank, Small Business Administration, National Security Council, and Departments of Agriculture, State, and Treasury, among other agencies.

The TPCC and EPC support the president’s overall economic agenda by helping U.S. companies export globally and create jobs locally. The TPCC is composed of 20 federal government agencies and chaired by the Secretary of Commerce. The EPC was established to coordinate the development and implementation of the National Export Initiative (NEI) along with the TPCC, helping to meet the president’s goal of doubling U.S. exports by the end of 2014.  

During the meeting, which was his first as Commerce Secretary, Bryson highlighted the progress with NEI and the need to strengthen efforts to continue to increase U.S. exports. In 2011, the U.S. exported over $2.1 trillion in goods and services, the highest on record and the first time in history that America has crossed the $2 trillion threshold. Despite the positive signs of economic recovery, the president has made clear that lasting economic growth requires leveling the playing field for American workers and businesses and making sure they are able to compete successfully in global markets.

President Obama Announces New Steps to Promote Manufacturing, Increase U.S. Exports

Jim Albaugh, President and CEO of Boeing Commercial Airplanes, President Obama with Jim McNerney, CEO and chair of the PEC (Photo: Boeing)

Last Friday, President Obama visited the Boeing assembly facility in Everett, Washington to announce new steps to promote American manufacturing and increase U.S. exports. Manufacturing represents nearly 60 percent of total U.S. exports, and Boeing, whose CEO Jim McNerney is Chair of the President's Export Council (PEC), is one of the country’s leading exporters of manufactured goods with more than $34 billion in total exports in 2011. The PEC is chartered  to advise the president on real ways to boost innovation, competitiveness, and trade for American businesses. Mr. McNerney brings great skill and know-how to the PEC.

The Obama administration has provided important support to Boeing’s export success, and the president has made unprecedented efforts to open up markets for American goods and to level the playing field for all American companies.  Over the past year, the president has signed into law a series of trade agreements that will provide a major boost to our exports by making it easier for American companies to sell their products in South Korea, Colombia, and Panama. In addition, record-setting efforts at the Export-Import Bank–through direct loans, credit guarantees, and credit insurance–have helped U.S. exports remain on target to meet the president’s goal to double exports between 2010 and 2015.

Expert Advice on Exporting from Successful Companies

As today’s trade numbers show, the appetite for American-made products abroad is growing rapidly. That’s why these five companies have made exporting part of their long-term growth strategy. They know that 95% of all consumers live outside the United States and therefore, the more markets they target, the more diversified their customer base will be. That strategy has served them well as they generally held up better during the recession than companies that didn't export.

But they also know some of the ups and downs for manufacturers just starting to export: concern about the language and cultural differences, not knowing where to start or how to make inroads into new markets, fear that foreign consumers won’t pay once the products leave the country.

And that’s why Jack Hollender, Dan Kleiman, Al Powers, Jason Speer and Terry Koehn agreed to share their experience. In the video below, each shares insight and expertise about getting started in exporting.

In addition to these wise words, the Department of Commerce’s National Export Initiative is designed to help more companies overcome these and other hurdles to exporting. To get their assistance, simply call 1-800-USA-TRADE or go online to Export.gov. Commerce Department experts will work with you to design and implement a market entry or expansion strategy, conduct an international search to find potential agents or distributors for your unique business and contact potential overseas businesses--all on your behalf. Many of these services are free or extremely low cost.

Secretary Locke Speaks at the Virginia Summit on Export Opportunities

U.S. Commerce Secretary Gary Locke - joined by Senator Mark Warner and Export-Import Bank President Fred P. Hochberg - today delivered the keynote address at the Virginia Summit on Export Opportunities in Richmond. Locke highlighted President Obama's National Export Initiative (NEI) and gave an update on the NEI, and its goal of doubling exports and supporting several million jobs over the next five years.

The Summit focused on ways in which the federal government can coordinate with local government and private-sector partners to promote trade and export opportunities in Virginia. In 2009, Virginia companies exported more than $15 billion of merchandise overseas, up from $2.8 billion in 2005. 18.1 percent of manufacturing jobs in Virginia depend on exports.

President Obama announced the NEI during his State of the Union earlier this year. The NEI will provide more funding, more focus and more cabinet-level coordination to grow U.S. exports, and represents the first time the United States will have a government-wide export-promotion strategy with focused attention from the president and his cabinet. NEI site: http://export.gov

Exports remain an integral part of the U.S. economy. In 2008, American exports accounted for nearly 7 percent of our total employment and one in three manufacturing jobs. In the first four months of 2010, exports grew almost 17 percent compared to the same period last year.  Remarks