Obama aims to double US exports over five years.
Looking to spur the economy and ease joblessness by doubling US exports over the next five years, US President Barack Obama is ordering federal agencies to zero in on export promotion, expanding trade-finance opportunities for small- and medium-sized businesses, and moving to overhaul an outdated export-control system, Dow Jones reported.
Obama will sketch those and other trade moves ? part of a broader effort the White House says will support two million new jobs ? in a speech at the Export-Import Bank's Annual Conference.
Obama also will renew his call for China to move to a more market-based currency as part of the Group of 20's drive to rebalance the world economy.
"As I've said before, China moving to a more market-oriented exchange rate would make an essential contribution to that global rebalancing effort," he said.
Obama will sign an executive order establishing an Export Promotion Cabinet comprising the Secretaries of State, Treasury, Commerce and other top officials. The group, which will meet for the first time next month, is charged with executing Obama's National Export Strategy.
The executive order also will relaunch the President's Export Council, a private-sector advisory panel to be led Jim McNerney, chief executive of Boeing, and Ursula Burns, CEO of Xerox.