On Bauer Business Focus — A conversation on the U.S. trade agenda and how the U.S. Department of State is working to spur growth at home with Andrew Schneider, business reporter for KUHF 88.7 FM.
Although the United States has fallen slightly behind in the last decade in free trade agreements, the U.S. Department of State is working to strengthen the country’s export initiative.
Robert Hormats, Under Secretary for Economic, Energy and Agriculture Affairs, visited Bauer Business Focus recently to discuss the department’s National Export Initiative, which has a goal of doubling U.S. exports over the next five years and support 2 million new jobs.
“We have specifically designated officers in each embassy to work with American companies, both large and small, to help them navigate through the regulations of other countries and also to promote their exports,” Hormats said. “At home we’re working very actively with American companies to identify markets and potential export opportunities.”
The department is not only working on expanding our export horizons, he said, but they are fervently working to increase employment in a dire job market.
“As we know, the unemployment rate in this country is very high, and one of the opportunities for boosting job creation in the U.S. is to enable American companies to export more, particularly to the rapidly growing markets in East Asia and other parts of the world,” Hormats added.
In the last year, American exports increased 15-16 percent through the National Export Initiative, he said, adding that the department is hoping to double its numbers by increasing exports substantially.
“We’re really working hard to get two very important agreements through in Latin America, which are Colombia and Panama, and a very important agreement with Korea. By doing that, we will improve access for American companies in those markets that can boost exports substantially, and that has very beneficial effects on jobs.”
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