Obama Pushes for Export Growth
WASHINGTON (
) -- President Barack Obama renewed his call to jumpstart exports in the coming years, saying the need to boost demand for U.S. goods overseas and spur job creation at home requires the full effort of the entire government.
During a speech at the annual conference of the Export-Import Bank, the president reiterated his State of the Union pledge to double exports over the next five years. He signed an executive order in the morning to "use every available federal resource" to realize that goal and later fleshed out the finer points of his refurbished trade strategy, calling it the National Export Initiative.
"We remain the number one exporter of goods and services in the world," the President said, according to prepared remarks. "So we've got a terrific foundation to build on. But we can't be satisfied with being number one right now. We shouldn't assume that our leadership is guaranteed. When other markets are growing, and other nations are competing, we've got to get even better. We need to secure our companies a level playing field. We need to guarantee American workers a fair shake. In other words, we need to up our game."
But the clear focus of the trade push was on jobs creation. The initiative comes as the nation's labor market has stalled. The Labor Department last Friday said the nation's unemployment rate held steady at 9.7% in February, but employers shed another 36,000 jobs from payrolls. While steep job losses may have abated in recent months, job creation continues to remain elusive.
"If we want to once again approach full employment; if we want to create broad, shared, and lasting wealth for our workers and our families; if we want an America that is ready to compete on the global playing field in the 21st century -- then we can't slide back into an economy where we borrow too much and put off tough challenges," President Obama said. "We can't return to an economy where too much of our prosperity is based on fleeting bubbles and rampant speculation. 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."
As explained in his speech, Obama's export framework will focus on making access to trade financing more readily available, specifically for the small and medium-sized business set, since up-front costs incurred when entering new markets remain a barrier to entry for many. The president also enlisted several federal groups such as the Small Business Administration and the Trade Development Agency to counsel and promote resource-starved firms and help them identify overseas opportunities. Other parts of the initiative include revived focus on enforcing current trade agreements and the protection of intellectual property rights.
In an effort to promote U.S. services and goods abroad, Obama also highlighted the creation of an Export Promotion Cabinet in his speech. Members will be drawn from various economic departments and agencies across the executive branch whose portfolios touch on trade. The president also said he re-launched the President's Export Council, a group of advisers headlined by business leaders who will offer guidance and recommendations on trade issues. The council will be headed by
Boeing
(BA) - Get Report
CEO Jim McNerney and
Xerox
(XRX) - Get Report
head Ursula Burns.
-- Written by Sung Moss in New York
The Associated Press contributed to this report.
