The president’s Export Promotion Cabinet has released its report to President Obama.
In so doing, Commerce Secretary Locke commented, “As American consumers spend a little less and save a little more, it has never been more important to connect U.S. businesses to the 95 percent of the world’s consumers who live outside our borders. Helping American companies sell more abroad will create jobs and boost our economy. This report is a blueprint for doing just that.”
On the same day, the European Union announced that it has signed its free trade agreement with its first Asian FTA partner-nation, South Korea. There’s a “safeguard” clause inserted to protect the small car industry from “sudden surges of imports in sensitive sectors, including small cars.” This added by Italy on behalf of FIAT. This development adds momentum to conclude our nation’s promising negotiations with South Korea, soon.
The Export Promotion Cabinet includes the Secretaries of Commerce, State, Treasury, Agriculture and Labor and the heads of all the trade-related government agencies. Its report provides an overview of the progress of the NEI and lays out a plan for reaching the President’s goals of doubling U.S. exports in five years to support several million new jobs. For a concise, brief executive summary of the report, visit the Commerce Department’s International Trade Administration’s website.