A report on the National Export Initiative (NEI), an ambitious plan aimed at doubling US exports, as well as adding supporting jobs in the next five years, has been given to President Barack Obama.
It outlines ways the federal government can expand efforts to help US businesses win more foreign government contracts, find buyers worldwide, participate in more trade missions and trade shows, receive more export financing, and learn new ways to sell products and services overseas.
A statement issued by the White House notes that the NEI, focuses on five areas that include: access to credit, particularly for small and midsize firms; greater trade advocacy and export promotion efforts; removal of barriers to the sale of US goods and services abroad; enforcement of trade rules; and pursuit of policies that will increase global economic growth to create a strong worldwide market for US goods and services.
Key recommendations in the full report, according to the White House, include:
Small and Medium-Sized Enterprises (SMEs): a National Outreach Campaign led by the SBA and other Trade Promotion Coordinating Committee (TPCC) agencies to raise awareness of export opportunities and government export assistance for U.S. small and midsize companies; a re-launch of the website, www.export.gov, the government’s export internet portal, with new export training opportunities to help companies learn how they can begin selling their products overseas or break into new markets if they’re already exporting.
Federal Export Assistance: bring more international buyers to US trade shows and encourage more U.S. companies to participate in major international trade shows . For the first time, implement a government-wide export promotion strategy for six newly designated “next tier” markets (Colombia, Indonesia, Saudi Arabia, South Africa, Turkey and Vietnam).
Trade Missions: substantially increase the number of trade missions abroad, particularly those led by senior US government officials, and foreign buyer trade missions to the United States.
Commercial Advocacy: level the playing field for companies bidding on projects abroad through improved coordination among government export promotion programs; formalize a path to escalate, for the first time ever, critical advocacy projects for direct White House and National Economic Council involvement where necessary.
Increasing Export Credit: extend more export credit through existing trade finance agencies, increase awareness of credit products, focus on SMEs and companies from underserved sectors of the U.S. economy, expand the eligibility criteria for SME export finance lending, and streamline the application and review process for SME exporters.
The full report is HERE.
Questions: Which of the five recommendations above has the potential to improve demand for US export products quickest?
Which of the five has the potential to ensure a sustained demand over the longer term?
What other recommendations might be made to broaden demand for US export products over a prolonged period?