“Exports help to fuel the U.S. economy, both directly by helping to boost our GDP and indirectly through job creation. Given the unemployment rate and the state of the U.S. and global economies, it is critical that the business community and the Administration work together on efforts aimed at generating jobs and economic growth. Exports are critical to achieving those goals, and we are pleased that the Administration has launched this new initiative,” said NFTC President Bill Reinsch.
The Commerce Department’s International Trade Administration (ITA) reports that exports accounted for nearly 13 percent of GDP in 2008 – up from less than five percent in the 1950s. In addition, nearly six million manufacturing and non-manufacturing jobs count on a healthy export environment for domestic manufacturers.
As Secretary Locke outlined today, the NEI will be a government-wide export promotion strategy with three key objectives: working to remove trade barriers abroad; expanding trade advocacy and connecting U.S. companies with new customers overseas; and assisting firms with export financing by improving access to credit – all with a focus on small- and medium-sized enterprises (SMEs). The NEI will also provide new funding to the Export-Import Bank, the ITA and the Department of Agriculture for expanded export promotion activities.
“We strongly support the President’s goal of dramatically increasing US exports,” said USCIB President and CEO Peter M. Robinson. “Working with our commercial partners to reduce barriers to trade and investment is a mutually beneficial way to achieve this goal, and will boost economic recovery and job creation.” Mr. Robinson cited the recent agreement between ITA and USCIB to promote awareness and use of the ATA Carnet system for temporary exports among smaller exporters as an example of beneficial public-private partnership in support of the President’s goal.
“With nearly 95 percent of the world’s consumers outside of our border, helping U.S. companies reach these global markets is key. As the data show, opening markets to large U.S. companies also helps small businesses to grow,” said Nichole Westin, CEE Director of Government Relations.
The three associations are committed to working with the Department of Commerce, the ITA, the Office of the U.S. Trade Representative and all agencies that are a part of the Export Promotion Cabinet, to support the NEI.
As such, it is the only national organization that specializes exclusively in issues affecting the ability of U.S. exporters to obtain trade and investment finance, insurance and advocacy from the U.S. government, and to deal with any legislative or regulatory issue which would impede the ability of U.S. exporters to make full use of these programs (e.g. economic sanctions, export controls, etc.). In 1999, seven Chief Executive Officers cited CEE as “the acknowledged leader of U.S. exporters on legislative and regulatory issues related to export finance”.About the NFTC
Advancing Global Commerce for 95 Years – The National Foreign Trade Council (www.nftc.org) is a leading business organization advocating an open, rules-based global trading system. Founded in 1914 by a broad-based group of American companies, the NFTC now serves hundreds of member companies through its offices in Washington and New York.