March 11 (Reuters) - President Barack Obama outlined steps on Thursday that his administration will take to meet its goal of doubling U.S. exports in the next five years. [ID:nN10146021]
Below are highlights of those measures, according to the White House:
Obama is creating an “export promotion cabinet” made up of the secretaries of State, Treasury and Commerce, along with White House aides and other trade agency heads.
He also relaunched the President’s Export Council, a private sector group to advise him on trade issues. It will be led by Boeing Co’s (BA.N) president and chief executive Jim McNerney and Xerox Co (XRX.N) chief executive Ursula Burns.
Obama announced a new $2 billion Export-Import Bank credit facility to help small and medium-sized businesses increase overseas sales.
The White House touted more than 40 “trade and reverse trade” missions this year to advocate for U.S. businesses.
It said the Department of Commerce was starting a new public-private partnership to engage U.S. shipping giants such as FedEx (FDX.N), UPS and the U.S. Postal Service to help U.S. businesses that only export to one or two countries to expand.
The White House said Trade Representative Ron Kirk would continue to push for enforcement of U.S. trade agreements while working toward new ones, including the global Doha pact, the Trans-Pacific Partnership and — “at an appropriate time” — agreements with Panama, Colombia, and Korea.
The Commerce Department is seeking to help high-technology exports with a proposed rule aimed at reducing the time for export license reviews for cell phones, network storage systems and other products with encryption technology to 30 minutes from the current 30 to 60 days.
Defense Secretary Robert Gates will outline additional export control proposals in coming weeks. (Reporting by Jeff Mason and Doug Palmer; Editing by John O’Callaghan)