President Barack Obama put into action an ambitious strategy to double U.S. exports by opening up lucrative emerging markets in a bid to ease unemployment amid fragile economic recovery. The leader signed an executive order to "marshal the full resources of the United States government behind American businesses that sell their goods and services abroad" under his National Export Initiative.
It is the first time the United States is launching a single, comprehensive strategy to promote American exports, Obama said, adding that he would put his credibility on the line for the strategy to succeed.
"This is an effort that I will personally lead as president," Obama said as he created an export promotion cabinet and re-established a presidential export council -- the top national advisory committee on international trade.
He named two prominent business leaders to lead the council -- Boeing president and chief executive Jim McNerney and Xerox chief executive Ursula Burns.
The export strategy will strive to improve access to financing for domestic exporters and help them promote their products overseas as the United States moves to beef up its export drive mostly in advanced emerging nations such as China, Brazil and India.
Washington will also press for greater enforcement of trading rules, including protection of U.S. intellectual property rights, in export markets.
Obama wants U.S. exports doubled in five years to support two million new jobs. More than eight million Americans have lost their jobs since the start of the recession in December 2007 and millions more remain underemployed, including those doing part-time work or odd jobs.
The United States remains the world's top exporter but its exports dipped to $1.553 trillion last year from $1.827 trillion in 2008.
View article on one page