Obama prepare a strategy to double US export in five years. To achieve this target Obama has formed a federal agency on Thursday which will help to promote US products, expanding trade-finance opportunities for small & medium size business houses. This is start a step to overhaul US old & outdated export control system.
The first meeting of this council will be expect in April and council includes representatives from the departments of State, Agriculture, and Commerce.
Obama said, “In a time when millions of Americans are out of work, boosting our exports is a short-term imperative.”
Obama said in the remarks, which the White House released before the president spoke. “If we stand on the sidelines while they go after those customers, we’ll lose out on the chance to create the good jobs our workers need right here in America.”
US government will establish two boards to focus on boosting exports, expand export financing and help US exporters in existing and new markets under “National Export Initiative”.
Obama said that 95 percent of the world’s customers as well as the world’s fastest-growing markets are outside the U.S.
Report says that the gap between the value of imports and exports, declined 6.6 percent to $37.3 billion in January while analysts had expected it to widen to $41 billion.
In the other hand imports fell 1.7 percent as Americans imported the lowest amount of oil in more than a decade. Exports declined 0.3 percent.
“We have to rebuild our economy on a new, stronger, more balanced foundation for the future – a foundation that will advance the American people’s prosperity at home, and support American leadership in the world,” Mr Obama said in a speech delivered to an Export-Import Bank conference in Washington on Thursday.
“We are rebuilding an economy where we generate more American jobs in more American industries by producing and exporting more goods and services to other nations,” he said.
“In a time when millions of Americans are out of work, boosting our exports is a short-term imperative. Our exports support millions of American jobs,” he said, adding that every $1bn increase in exports supported more than 6,000 additional jobs.
“It’s also critical for our long-term prosperity. Ninety-five percent of the world’s customers and the world’s fastest-growing markets are outside our borders,” he said. “If we stand on the sidelines while they go after those customers, we’ll lose out on the chance to create the good jobs our workers need right here in America.”
Export Promotion Council will keep export promotion as a priority for the relevant Cabinet agencies. Obama also wants to advise potential U.S. exporters and provide technical assistance to farmers and others interested in exporting specialty crops by hiring of trade experts by investing $134 million.