Home / Knowledge / News / Commerce Secretary outlines National Export Initiative
Commerce Secretary outlines National Export Initiative
05
Feb '10
Commerce Secretary Gary Locke unveiled details of President Obama's National Export Initiative [NEI] at a luncheon at the National Press Club. During last week's State of the Union speech, the president announced a goal of doubling exports over the next five years to support 2 million jobs in America.

Locke detailed how the Export Initiative will help the country reach that goal – providing more funding, more focus and more cabinet-level coordination to grow U.S. exports. The NEI represents the first time the United States will have a government-wide export-promotion strategy with focused attention from the president and his cabinet.

“Increasing the export of American products and services to global markets can help revive the fortunes of U.S. companies, spur future economic growth and support jobs here at home,” Locke said. “This initiative will correct an economic blind spot that has allowed other countries to slowly chip away at the United States' international competitiveness.”

The National Export Initiative is focused on three key areas:

1 A more robust effort by this administration to expand its trade advocacy in all its forms, especially for small- and medium-sized enterprises. This effort includes educating U.S. companies about opportunities overseas, directly connecting them with new customers and advocating more forcefully for their interests.
2 Improving access to credit with a focus on small- and medium-sized businesses that want to export.
3 Continuing the rigorous enforcement of international trade laws to help remove barriers that prevent U.S. companies from getting free and fair access to foreign markets.

In addition to improving efforts in those areas, the Export Initiative creates an Export Promotion Cabinet reporting to the president that will consist of top leaders from agencies that can contribute to this effort, including from the Commerce and State Departments, the U.S. Trade Representative, the Small Business Administration, the Export Import Bank and the U.S. Department of Agriculture.

Within 180 days, each of the departments in the Export Cabinet will be responsible for submitting a detailed plan to the president about how it will enhance American exports. Those plans will be integrated into the strategy laid out in the NEI.

Access to Export Financing
To improve access to credit, the president has called upon the Export-Import Bank – which provides critical financing when private banks are unwilling or unable – to increase its financing available for small- and medium-size businesses from $4 billion to $6 billion over the next year. The 2011 budget also allocates additional money to help the Export-Import Bank administer its expanded efforts.

Progress is already being made. During the last three months alone, the bank has authorized $1 billion in small business financings and added 112 new small businesses clients, who are selling everything from nanotechnology-based cosmetics to date palm trees to sophisticated polymers.

Must ReadView All

Apparel/Garments | On 24th Mar 2017

Tiruppur garment cluster hopeful of meeting export target

The Tirupur garment cluster is hopeful of meeting its target of...

Apparel/Garments | On 24th Mar 2017

HKTDC hosts seminar on accessing retail market in India

The Hong Kong Trade Development Council (HKTDC) organised a seminar...

Textiles | On 23rd Mar 2017

South Korean Samil Spinning acquires Buhler Quality Yarns

South Korean yarn producer Samil Spinning has acquired US based...

Interviews View All

Abhimanyu Singh Rathore & Barbara Anna Kosiorek
Kannbar

‘Blending cultures is the true beauty of fashion, where one’s imagination...

Akash Khetan
Narayan Tex Fab

I find it hard to find professionals in Surat

Shawn Honeycutt
Bolger & O'Hearn

‘The Indian market is interesting and rather persistent in seeking new...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
March 2017

March 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search