Posts Tagged ‘TPP’

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President Obama Prescribes Increase in U.S. Exports to Support Economic Growth

February 13, 2013

Francisco Sánchez serves as the Under Secretary of Commerce for International Trade. 

Archived photo showing Congress during 2011 State of the Union Address.President Obama made it clear in his State of the Union address that American exports will play a part in America’s economic success. This requires creating free access for American goods to more markets, enforcing trade laws, and ensuring a level playing field in which American companies can compete.

These initiatives have and will continue to support business and create jobs. Over the last 35 months, they’ve already contributed to the creation of 6.1 million private-sector jobs. We at the International Trade Administration are proud to be a part of that success and we know that continuing these initiatives will lead to further economic growth.

The President specifically mentioned completing the Trans-Pacific Partnership and entering into a trade agreement with the European Union. Trade agreements like these proved effective in 2012, when we set a new record for U.S. exports. Recently released data show that almost half of the growth in U.S. exports in 2012 was to countries with which we have similar agreements. In fact, U.S. exports to the 20 countries with which we have trade agreements comprised almost half of American goods exports in 2012.

We achieved record levels of exports to 11 of our trade agreement partners in 2012. Five of them – Australia, Canada, Chile, Mexico and Peru – will all be a part of the TPP and accounted for more than $550 billion in U.S. exports. Completing this partnership will further develop our trade with these countries and help our exports continue to grow.

As Deputy Secretary of Commerce Rebecca Blank explained today, a trade agreement with the EU “will support good-paying American jobs and will expand our trade and investment relations, strengthen our economy, and create new opportunities on both sides of the Atlantic.”

President Obama also mentioned the importance of enforcing trade regulations and ensuring a level playing field in which American exporters can compete. We accomplish this mission every day at ITA, and we are proud to help American exporters compete as a lead member of the President’s Interagency Trade Enforcement Center.

The President has set a clear path to use export growth to help grow the American economy. We at the International Trade Administration are ready to do what it takes to continue to support President Obama’s mission and help support a thriving American economy.

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Under Secretary Sánchez to Speak on Panel for Technology-Based Global Innovation

January 31, 2013

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Tyler Braswell is an intern for the International Trade Administration’s Office of Public Affairs. He is studying International Business and attends George Washington University.

The Digital Age is upon us. The effect of digital technology on the global market has been well documented as technology-based companies continue to supply the world with innovative methods and products that increase the quality and efficiency of American lives and businesses.  The creation of jobs due to new technology as well as the continued financial success of technology-based firms has made the promotion of technology-based innovation a top priority for any economy looking to compete internationally.

President Obama’s plan to make high-speed wireless services available to 98% of Americans will make technology-based software and products even more accessible to American consumers. As technology is integrated more deeply into society, the U.S. is working to ensure that these integrations directly translate to domestic economic growth.

On Feb. 4, Francisco Sánchez, Under Secretary of Commerce for International Trade, will participate in an event hosted by the Information Technology Innovation Foundation (ITIF). The ITIF is a non-partisan think tank whose mission is to help American policymakers better understand the nature of a new innovation-driven economy.

The ITIF discussion panel will focus on the increase in global competition to host technology-based firms and the benefits that hosting such companies can have on a country’s economy. The event will also feature information on how countries attract technology-based firms and what the U.S. has done to improve its appeal to those firms. The Under Secretary will be joined on the panel by the general counsels for NCR and Qualcomm.

Sánchez and the panel will answer questions from industry participants concerning the advantages currently offered to firms that choose to do business within the United States.

The Under Secretary will also provide information on certain policies the U.S. has enacted to promote technology-based industry within the U.S. as well as trade agreements designed to benefit American companies.

The U.S. is actively advancing trade agreements and initiatives to broaden market access. Technology-based firms will be among the primary beneficiaries. Trade agreements like the Trans-Pacific Partnership (TPP) will help technology-based firms by expanding access to key Asian markets and removing bans on border crossing data-flows.

American leaders—both in government and business—appreciate that supporting technology-based firms is necessary to achieve President Obama’s goal of increasing our exports and re-balancing our economy, which are embedded in the National Export Initiative. This event will reaffirm the International Trade Administration’s commitment to increase exports, further the global expansion of domestic businesses, and attract new technology-based industries to the U.S. economy.

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Putting International Trade at the Local Level

January 30, 2013

This post contains external links. Please review our external linking policy.

Elías González is an intern in the International Trade Administration Office of Public Affairs, and is a former West Point Cadet and graduate from the University of Pennsylvania.

Should local governments pay attention to international trade? American trade leaders think so and they’re helping city leaders take a bite out of the export pie.

International trade was a hot topic at the U.S. Conference of Mayors’ Winter Meeting in Washington, DC this month, and representatives from the International Trade Administration (ITA) used the opportunity to illustrate how U.S. competitiveness depends on local communities.

Francisco Sánchez, Under Secretary for International Trade, emphasized the importance of the president’s National Export Initiative (NEI).  He said that 95 percent of consumers live outside the U.S., and that the NEI is instrumental in helping American businesses access those foreign markets. He also lauded its success, citing that U.S. exports reached a record $2.1 trillion in 2011 and that data when available next month will likely show that 2012 was even higher.

In a separate task force meeting, Walter Bastian, Deputy Secretary for the Western Hemisphere here at ITA, reaffirmed the importance of international trade, pointing out that trade with Mexico alone produces an average of $1 million a minute for the U.S. economy.

Bastian emphasized the importance of the Trans-Pacific Partnership (TPP), a trade agreement among several Asian, Pacific, and North American countries, and how it will strengthen trade with Mexico. He said that it will help reduce the cost of doing business, potentially making that million-dollar-a-minute figure higher.

Sánchez and Bastian were quick to note that the economic benefits from trade are not felt only by the U.S. as a whole, but by local communities as well.

In a cooperative effort to help local communities enter the exporting business efficiently, ITA has partnered with the Brookings Institution on the Metropolitan Export Initiative (MEI). Several metropolitan areas in the U.S. are already participating, and the Under Secretary urged the mayors to utilize the tools the ITA provides. The MEI is one of many tools in place to remedy inefficiency. Inefficiency at the border—issues like long wait times for trucks—cost upwards of $6 billion per year.

Initiatives like the MEI help local communities gain greater control over their exports and create more efficient and beneficial trade partnerships.

Under Secretary Sánchez concluded his discussion at the conference by emphasizing that cities need to prioritize exports, reach new markets, and draw new investments. He reiterated what he and Bastian deemed crucial, that as cities succeed the country succeeds, and that ITA is here to help.

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Asia Pacific Business Outlook: Twenty Five Years and Many More Opportunities

March 27, 2012

This story is part of an ongoing series highlighting the information available to participants in the 2012 Asia Pacific Business Outlook (APBO)

Francisco Sánchez is the Under Secretary of Commerce for International Trade

This is my second year keynoting the 25-year old USC Marshall School’s Asia Pacific Business Outlook (APBO) Conference. It was great to see the diversity of participants, from representatives of businesses across the United States, as well as non-profit organizations, chambers of commerce, and trade associations from both the United States and countries in Asia and Latin America.

Under Secretary of Commerce for International Trade Francisco Sánchez speaks during the APBO Conference

Under Secretary of Commerce for International Trade Francisco Sánchez speaks during the APBO Conference (Photo USC Marshall School of Business)

It seems as though it’s also a reunion and convergence of sorts of 16 Senior Commercial Officers (SCOs) from Asia and local Commercial Service trade specialists. For the first time, we have the SCOs from Brazil and Russia joining the conference, contributing their insider knowledge and providing market briefings in one-on-one counseling sessions.

During my address yesterday, I was able to outline our ongoing priorities here at the International Trade Administration and across the Obama Administration as well as provide updates on some major accomplishments achieved in the past few years.

This month marks the two-year anniversary of the President’s National Export Initiative and good things are happening. Last year, U.S. exports surpassed $2 trillion for the first time in history. They supported nearly 10 million jobs, an increase of more than a million when compared to 2009 numbers. So the formula is pretty clear: exports benefit jobs, businesses and the national economy. That’s why we’ve got to continue to increase U.S. exports.

One of the areas with the greatest potential for this work is the Asia-Pacific region. It represents 55 percent of global GDP and accounts for 44 percent of world trade. And all of us at the Commerce Department are committed to keeping the U.S.- Asia-Pacific partnership growing — both through our words and our work.

Last year, I led the largest-ever higher-education mission to Indonesia and Vietnam. I visited Hong Kong and China last fall. And, earlier this month I was in Japan and Vietnam a second time to advance commercial relations. Our work in this region is a priority for us. And good things are happening.

U.S. goods exports to the broader Asia-Pacific totaled nearly $900 billion in 2011, a 15 percent increase from 2010. This is equal to 60 percent of total U.S. goods exports to the world. This partnership is generating benefits for all sides. This means jobs and growth for the American economy. In turn, U.S. products and services are helping to fuel the economic development in the Asia Pacific.

These have been win-win partnerships. Now, we’re focused on producing even more wins. To do this, the Administration is working from the policy level to the community level. For instance, one win came recently when the U.S.- Korea Trade Agreement took effect.

Before, in a variety of sectors, U.S. companies had to pay a tariff rate to sell their goods and services in Korea. Now, many of these same companies can enter the market duty-free. Almost 80 percent of American exports of industrial products to Korea will enter without getting taxed. Estimates are that this will lead to roughly $11 billion in additional U.S. exports. It will also provide new opportunities in the 12th largest economy in the world. That’s a big win.

Another win involves the Trans-Pacific Partnership. As many of you know, it’s an ambitious, high-standard trade agreement for doing business in the Asia-Pacific. It seeks to address new and emerging trade issues and 21st-century challenges. Working with our colleagues at the Office of the United States Trade Representative — we are addressing traditional trade issues involving goods and services;  rules on intellectual property; and technical barriers to trade. And we are making progress. A TPP framework was agreed to in Honolulu at the APEC Leaders’ meeting in November. It was a landmark accomplishment. The agreement identified five central features that nations around the world are already viewing as a new standard for trade agreements.

The Commercial Officers from across Asia, Russia and Brazil as well as the domestic trade specialist stand ready to help U.S. businesses explore the possibilities that are out there. There were some great conversations today.
This is a chance to achieve common goals, such as creating more markets and customers for U.S. businesses, which can lead to more sales, which will boost U.S. exports, which supports jobs and strengthens the American economy. These are big goals that will make a big impact.

And I look forward to working with all of you in the years ahead to achieve these goals.

So let’s get the conversation started.

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