For Immediate Release: March 13, 2014
Contact: Mary Trupo (202) 482-3809
President's 2015 Budget Request Supports Increased Trade and Investment Promotion
International Trade Administration Budget to Increase By $36.7 million
WASHINGTON – President Obama’s fiscal year 2015 budget request for the International Trade Administration (ITA) includes funding for expanded export and investment promotion, and trade enforcement and compliance. The ITA’s budget request includes $497.3 million, up 8 percent from the FY 2014 appropriated level of $460.6 million. The budget request also calls for the International Trade Administration to be renamed the International Trade & Investment Administration, a name change that more accurately reflects the mission of the organization and acknowledges the realities of doing business in a globally competitive economy.
“President Obama continues to support job creation and economic growth through efforts to open markets, increase exports, expand business investment, and ensure free and fair trade. His budget request also recognizes the importance of ITA’s complementary missions of export and business investment promotion,” said Acting Under Secretary of Commerce for International Trade Ken Hyatt. “With 95 percent of the world’s consumers living outside the U.S. border, the requested budget will allow us to increase our efforts to assist U.S. companies interested in exploring the opportunities provided by exporting their goods and services. The requested budget will also enable us to continue to communicate our open investment policy and advocate for the United States as a premier investment destination.”
Specifically, President Obama has requested $3.3 million to continue an expansion of export promotion efforts that started in FY 2014. Expanding efforts to increase the number of U.S. firms that export will create and support good-paying jobs, and ensure that U.S. companies are better able to compete in the expanding global marketplace. The request also calls for an additional $13 million for ITA’s SelectUSA program, which is in addition to the $7 million appropriated in FY 2014. SelectUSA provides information and assistance to businesses on how to take advantage of the United States’ business-friendly environment, and ensure that we maintain our leadership role in an increasingly competitive environment for new investment.
U.S. subsidiaries of foreign firms employ 5.6 million U.S. workers and pay those workers an average annual salary of $77,600. Attracting more foreign investment will result in more jobs and greater economic growth for the United States. Additional funding of $7.7 million has been requested for the Interagency Trade Enforcement Center, where ITA has a strong role, and which President Obama established in 2012 to make sure American companies compete on a level playing field.The full ITA budget request can be accessed at http://www.osec.doc.gov/bmi/budget/FY15CJ/ITIAFY2015PresBudgetwithcover.pdf.
International Trade Administration
The International Trade Administration (ITA) is the premier resource for American companies competing in the global marketplace. ITA has 2,400 employees assisting U.S. exporters in more than 100 U.S. cities and 70 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.