Expanding Commercial Engagement with Iraq

Posted by White House

Yesterday, representatives from 14 U.S. companies arrived in Baghdad as part of the first U.S. Department of Commerce Trade Mission to Iraq since the end of combat operations. Led by Under Secretary of Commerce Francisco Sanchez, these companies will spend time on the ground exploring business opportunities and potential deals with their Iraqi public and private sector counterparts.

This is Commerce’s 24th Trade Mission since President Obama announced the National Export Initiative - bringing American businesses together with foreign counterparts in high potential markets is a key component of President Obama's national export initiative. Iraq is planning billions of dollars in investment in its infrastructure, providing enormous opportunities for U.S. companies which can result in American jobs at home and in Iraq.

With a consumer base of 26 million and a desire to move past years of isolation and instability, Iraq now needs capital and expertise to revitalize its infrastructure and economy. U.S. companies participating in the Trade Mission, which represent the best of U.S. industry in sectors such as oil and gas, construction, and information and communications technology, can provide those crucial inputs.

As we strengthen our long-term relationship with the Iraqi government and people, the U.S - Iraq bilateral relationship is entering a new phase of commercial engagement. Following the unprecedented interest generated by the U.S. – Iraq Business and Investment Conference held in Washington last October, we have actively promoted contact between the U.S. and Iraqi private sectors. We stand ready to support our Iraqi partners as they build a prosperous, diversified, and growing economy that is integrated into the global economic system and capable of meeting the needs of the Iraqi people.

For further information on the Trade Mission please visit http://www.trade.gov/iraq

Continued Recovery for America’s Agricultural Economy

Posted by White House

Yesterday I was pleased to receive the encouraging news from two USDA reports that illustrate the strength of the recovery in our agricultural economy. The 2010 Farm Income Forecast and Outlook for U.S. Agricultural Trade show a positive picture for 2010, and predict sustained growth for the future.

This recovery is a testament to the 2008 Farm Bill, to a wide range of efforts of the Obama Administration – such as the Recovery Act – to move the economy forward and to support the agriculture economy, and the hard work and resilience of America’s farmers and ranchers.

Like the rest of the economy, the agriculture sector has struggled through tough economic times. But after declining more than 20 percent in 2009, the main measures of farm sector earnings experienced a rapid rebound and are forecast to rise in 2010. Net farm income has rebounded, up 24 percent from 2009. And net cash income will be the second highest on record.

Just as important – this recovery was sector-wide. While an increase in the value of livestock production accounted for much of the upward movement, there is also an increase in the value of dairy production, meat animal production, and poultry and egg production. And this progress is having an immediate effect on the lives of millions of Americans: average farm family household income is projected to reach more than $81,000 in 2010 – up 5.8 percent from 2009.

These forecasts highlight the importance of USDA’s work to increase agricultural exports as a part of President Obama’s National Export Initiative. We are pursuing a new trade strategy which looks at nations based on the nature of their marketplace. We have worked hard to negotiate the removal of barriers to exporting pork, poultry and other products. And we have pursued an international trading system with rules based on the best available science to ensure that U.S. agricultural producers have fair access to foreign markets.

These efforts mean that agriculture is one of the only major sectors of the economy with a trade surplus, which we expect to be worth $30.5 billion this year. Overall, we agricultural exports should be worth $107.5 billion in fiscal year 2010 – up from $96 billion in 2009 – and we expect them to rise again in 2011. More importantly, this progress should create good jobs for Americans: USDA studies show that every billion dollars in agricultural exports supports over 8,000 jobs and generates an additional $1.4 billion in economic activity.

And I would be remiss if I didn’t mention that the underlying values of rural America has played in this strong and rapid recovery. The dedication of our farmers and ranchers is second to none. They have worked hard keep their debt low and to capitalize on a broader economic recovery. And their willingness to adapt, innovate and embrace new research has ensured their success for decades and was main reason they have been so resilient in the current economy.

As the American economy continues to climb out of the recession, with help from the Obama administration and USDA, American Agriculture is helping to lead the charge. American farmers and ranchers have stayed resilient, and will continue to support a foundation of economic prosperity for the rest of the nation.

Another Step for American Manufacturing

Posted by White House

Before signing the Manufacturing Enhancement Act, the President took a step back to talk about his vision and commitment to American manufacturing. That commitment has helped manufacturing become one of the surprisingly bright spots of the economic recovery. A sector that lost 3,864,000 between 2000 and 2008 has turned around and gained 183,000 jobs so far this year:

So while we have fought back from the worst of this recession, we’ve still got a lot of work to do. We’ve still got a long way to go. And I’m more determined than ever to do every single thing we can to hasten our economic recovery and get our people back to work. So that’s why I’m pleased today to sign into law a bill that will strengthen American manufacturing and American jobs. And as I do, I’m joined by two members of my economic team -- Secretary of Commerce Gary Locke, who’s been a tireless advocate for America’s manufacturers; and Ambassador Ron Kirk, who’s been doing a great job and putting in a lot of miles as our U.S. Trade Representative.

Few areas of our economy have been as hard-hit as manufacturing -- not just in recent years, but in recent decades. Throughout the 20th century, manufacturing was the ticket to a better life for generations of American workers. It was the furnace that forged our middle class. But over time, the jobs dried up. Companies learned to do more with less, and outsourced whatever they could. Other nations didn’t always live up to trade agreements and we didn’t always enforce them. And over the last decade, the manufacturing workforce shrank by 33 percent, leaving millions of skilled, hardworking Americans sitting as idle as the plants that they once worked in. This was before the recent recession left them and millions more struggling in ways they never imagined.

Now, some suggest this decline is inevitable, that the only way for America to get ahead is to leave manufacturing communities and their workers behind. I do not see it that way. The answer isn’t to stop building things, to stop making things; the answer is to build things better, make things better, right here in the United States. We will rebuild this economy stronger than before and at its heart will be three powerful words: Made in America.

The President talked about his aggressive National Export Initiative with a goal of doubling exports and supporting several million new jobs over five years. He went on:

That’s why we fought for and passed tax breaks for companies that are investing here in the United States rather than companies that are keeping profits offshore. That’s why we closed loopholes that encourage corporations to ship American jobs overseas. That’s why we’re enforcing our trade laws -- in some cases, for the very first time. That’s why we told America’s automakers that if they made the tough decisions required to compete in the future, that America would stand by them. And that’s why we’re investing in a clean energy industry and the jobs that come with it -– jobs that pay well and carry America to a cleaner, more secure and more energy-independent future.