For Immediate Release: March 16, 2011
Contact: Mary Trupo (202) 482-3809
Obama Administration Trade Official Testifies Before Congress on the Critical Role Exports Play in Creating American Jobs
Under Secretary Sánchez Highlights National Export Initiative Progress During Hill Hearing
WASHINGTON – In testimony before the House Energy and Commerce’s Subcommittee on Commerce, Manufacturing, and Trade today, Francisco Sánchez, Under Secretary of Commerce for International Trade, discussed how expanding exports leads to an increased demand for American made products. Excerpts from Under Secretary Sánchez’s testimony:
“Great opportunities lie in the vast global market. Today, 95 percent of the world’s customers live outside our borders. The International Monetary Fund forecasts that 83 percent of world economic growth during the next five years will happen outside of the U.S. The nations of the world are giving rise to a new global middle class of consumers that can be the new marketplace for American goods and services.”
“Through the NEI, and its goal of doubling U.S. exports by 2015, we will support millions of jobs here at home. Already, U.S. companies are taking advantage of the international marketplace at historic levels. U.S. exports of goods and services in 2010 representing $1.83 trillion increased nearly 17 percent over 2009 -- the largest year-to-year percent increase in more than 20 years.”
“As we search for ways to create jobs for American workers, increasing our nation’s exports must be an important tool in our toolbox. On average, manufacturing jobs supported by exporting pay up to 18 percent more than other jobs in the economy. The NEI, which is the United States’ first Presidential-led, government-wide export promotion strategy, is a significant step in the right direction for our American workers and companies.”
“We have a simple goal for these complex times: Any U.S. company should be able to reach one point of contact in the federal government and be seamlessly linked to comprehensive information on market research, upcoming trade events, addressing trade barriers, and how to access trade financing.”
“We are continuing to address outstanding concerns with the pending trade agreements. As this subcommittee is aware, the U.S.-Korea trade agreement (KORUS) is ready for consideration. We will continue to work with on outstanding concerns with the Panama and Colombia agreements.”
The full text of Under Secretary Sánchez’s testimony is at www.trade.gov/press/testimony.
International Trade Administration
The International Trade Administration (ITA) is the premier resource for American companies competing in the global marketplace. ITA has 2,100 employees assisting U.S. exporters in more than 100 U.S. cities and 77 countries worldwide. For more information on ITA visit www.trade.gov.
The International Trade Administration, U.S. Department of Commerce, manages this global trade site to provide access to ITA information on promoting trade and investment, strengthening the competitiveness of U.S. industry, and ensuring fair trade and compliance with trade laws and agreements. External links to other Internet sites should not be construed as an endorsement of the views or privacy policies contained therein. This site contains PDF documents. A PDF reader is available from Adobe Systems Incorporated.