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World Business

Obama plan can double US exports in 5 yrs: official

(Xinhua)
Updated: 2010-04-15 13:27

HOUSTON - US exports to the world markets can double in five years if all states implement President Barack Obama's National Export Initiative, said a high-ranking federal official during a visit to Texas on Wednesday.

"Increasing US exports is critical to our nation's economic recovery and long-term economic growth," said Francisco Sanchez, undersecretary of commerce for international trade.

Sanchez stressed that the president's initiative is designed to double exports of US goods and services during the next five years.

Speaking at the Global Trade Policy Forum sponsored by San Antonio, Texas' Free Trade Alliance, Sanchez said Obama's plan will also support two million jobs and local exporters should stand to benefit tremendously.

"The National Export Initiative is a single, comprehensive strategy to promote American exports and American jobs," Sanchez said. "It will coordinate and leverage the relevant public-and-private-sector resources to push and promote the sale of American goods and services abroad."

Obama first announced the ambitious plan as part of the State of the Union address, and federal agencies are creating plans to expand trade advocacy on behalf of US companies, improve access to credit for small- and medium-sized companies interested in exporting, and to better enforce trade laws to remove barriers.

"About 58 percent of US exporters export to only one market," Sanchez said. "Imagine the national benefit if by working together we can help companies export to two or more markets in a world in which 95 percent of their customers are outside our borders."

Statistics show that the United States sent $1.3 trillion in total merchandise worldwide in 2009.

Analysts say strong demand, a stable dollar and the perception that American-made goods are high quality are the main ingredients needed to fulfill Obama's aggressive goal to double US exports in five years and supply the nation with 2 million jobs.