U.S. Secretary of Commerce Penny Pritzker and U.S. Trade Representative Michael Froman gather input on how trade policies affect businesses’ bottom lines
WASHINGTON, D.C. – As Congress is threatening to cut funding for the Export-Import Bank and negotiations for two significant international trade agreements are in progress, business leaders and port officials, including Port Tampa Bay President & CEO, Paul Anderson, met with U.S. Secretary of Commerce Penny Pritzker, U.S. Trade Representative Michael Froman and other senior Administration officials to brief them on how international trade policy affects their businesses and communities.
“American businesses realize that in order to compete and succeed globally, they have to sell their goods to the 95 percent of consumers who live outside our borders,” said Secretary Pritzker. “As U.S. businesses increase their exports, they create economic growth and support jobs here at home. Last year, U.S. exports hit a record $2.3 trillion and supported 11.3 million jobs, up 1.6 million since 2009. President Obama and I believe we have to use every tool in our toolkit to ensure that American businesses can reach overseas customers.”
At a roundtable organized by the White House Business Council and Business Forward, the discussion focused on the importance of exporting for national economic growth and ways that government and businesses can better work together to help American companies reach more international markets.
“President Obama’s number one priority is expanding economic opportunity for all Americans, and trade is a crucial part of that effort,” said Ambassador Froman. “By helping our businesses sell more exports abroad, United States trade policy can unlock opportunity, support well-paying jobs, and strengthen our middle class.”
The discussion also touched on two significant trade agreements that the Administration is currently negotiating: the Trans-Pacific Partnership (TPP) and the Transatlantic Trade and Investment Partnership (T-TIP.) These agreements would boost American competitiveness and help U.S. businesses access more markets in Asia and Europe.
“America has always been a seafaring nation and cargo is the currency of the world. The United States and its ports have played a strategic and leading role in the global economy. We must continue to help companies, large and small, in their ability to export and develop ties with companies around the world,” said Paul Anderson, President & CEO of Port Tampa Bay. “I was pleased to have the opportunity to brief the Administration on ways they can support Florida and the entire southeast United States on export activities.”
Currently, less than 5 percent of U.S. businesses export their goods and services to international markets. Businesses that do export grow faster and are 8 percent less likely to declare bankruptcy than those that do not export.
The Obama Administration has been supporting export activities through the National Export Initiative and the latest phase of the initiative, NEI/NEXT. NEI/NEXT builds on the successes of the NEI and applies extensive customer feedback on enhancing data and export information, providing customized assistance, working more closely with financing organizations and service providers, and partnering with states and communities to support local export efforts.