How to Double Exports

Commerce Secretary Gary Locke speaks at the National Press Club at noon today to flesh out the President’s State of the Union remarks calling for a doubling of U.S. exports within five years, a speech entitled, “”Back to Basics: A Blueprint for Exports-Driven Job Growth.”

AP reports:

The president’s National Export Initiative will target three key areas – expanding trade advocacy, improving access to credit especially for small and medium-sized businesses and rigorously enforcing international trade laws. The government-wide strategy will be coordinated at the cabinet level, Locke is set to tell a National Press Club audience.

“Increasing the export of American products and services to global markets can help revive the fortunes of U.S. companies, spur future economic growth and support jobs here at home,” Locke said in remarks prepared for delivery to a National Press Club audience. “This initiative will correct an economic blind spot that has allowed other countries to slowly chip away at the United States’ international competitiveness.”

The Washington Post on Wednesday carried an excellent column by C. Fred Bergsten of the international trade think tank, the Peterson Institute, outlining key strategies for achieving the export goal, “How best to boost U.S. exports.”

The AP story cites the National Association of Manufacturers commissioned study by the Milken Institute, “Jobs for America,” on the value of modernizing export controls. The analysis finds that export growth would boost real GDP by $64.2 billion (0.4 percent) relative to the baseline projection in 2019.

UPDATE (9 a.m.): Bloomberg reports:

The U.S. will provide $6 billion in export financing for small businesses and take a tougher line on foreign trade barriers as part of a bid to double exports, Commerce Secretary Gary Locke is due to say in a speech today.

“While the U.S. is a major exporter, we are underperforming,” Locke will say at the National Press Club in Washington, according to excerpts released by the Commerce Department. The administration “is going to provide more funding for export promotion and more coordination between government agencies.”

NPR also had a reasonable, politically oriented story this morning, “Obama’s Efforts To Boost Exports Face Hurdles.”

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