Different Ways U.S. Exports Help People at Home and Abroad
Stefan M. Selig is the Under Secretary of Commerce for International Trade.
There are many ways that the
value of U.S. exports can be measured: products sold, trade balance, net
profits, jobs supported. But it is worth taking a step back from the data to focus on how U.S. exports improve people's lives every day.
And the best place to start is with one of the key outcomes from last month's U.S-China Joint Commission on Commerce and Trade, or JCCT.
China today is our largest growth market when it comes to medical devices and pharmaceuticals. So we are pleased that the government has agreed to streamline their regulatory processes for those exports.
Freeing up the entry of these products means that our state-of-the-art goods will reach needy patients in even faster time. That will go a long way towards creating better patient outcomes in China.
As the global countdown towards the 2016 Summer Olympics in Rio de Janeiro begins, U.S. firms will have an opportunity to build new infrastructure to support the games—a market projected to be worth up to $15 billion. Those exports will do much to advance Brazilian commerce and economic prosperity long after the Olympic torch is extinguished.
Quality transmission wire from California-based CTC Global will be helping support the next generation of power infrastructure in Europe thanks to a recently signed distribution deal. Our Commercial Service helped close the deal, which was signed during the Discover Global Markets Forum last year in Los Angeles.
While U.S. exports satisfy critical needs abroad, they also create abundant economic opportunity for special members of our business community at home.
Under the Vets Go Global initiative, our ITA team is assisting veteran-owned businesses tap into new global markets through education and counseling efforts. This ensures that the talents and skill set specific to veterans will result in real gains in the global marketplace.
This is a proud way to pay back our heroes for the commitment they have made to our country.
So as we start the New Year, let me take a moment to thank all of you for what you do to create and support jobs, as well improve people's lives here and around the world.