President Obama named 18 corporate executives to his export council, a panel established in March to help advise his administration on how to double U.S. exports, now totaling $1,046 trillion, by 2015. Though economists find it unlikely that such a rapid increase will be achieved, emphasis on expanding exporting industries is well intentioned and will contribute significantly to U.S. economic recovery. Obama has intensified efforts to decrease the national unemployment rate and appeal to business interests ahead of November elections, as many of his administration’s policies have angered the business community, particularly the health care bill, recent tax increases, and increased regulation of the business sector.

Jim McNerney, President and CEO of the Boeing Co. will act as chairman of the board while Ursula Burns, CEO of the Xerox Corp., will serve as vice-chairman. The President’s Export Council, composed of other business and labor leaders, will act in coordination with the National Export Initiative to provide support for American businesses wanting to transition to export-based growth. The government is offering increased support to small and medium-sized businesses interested in exporting their products and services through larger loans and financing. In addition, the Commerce Department has already organized trade missions with 160 American businesses in 24 countries to assist companies with gaining a foothold in other nations.

Though pending free trade agreements with South Korea, Colombia, and Panama, initiated by former President George Bush, have been neglected by President Obama, he has recently expressed interest in re-establishing trade relations with those countries. The Trans- Pacific Partnership Agreement will provide American companies with access to Asian markets, the largest potential consumers of U.S. exports in the world. These agreements will lower barriers to trade, including export tariffs and quotas on foreign direct investment, that discourage American industries from exporting goods and services. The stipulations in these agreements are critical in ensuring both free and fair trade amidst accusations that China manipulates their exchange rate with the dollar to make their own products more affordable.

President Obama’s recognition of the importance of trade and the role of exports in economic recovery is overdue, as his administration first looked toward an economic stimulus plan that would increase government spending to spur job creation. In a statement at the Export-Import Bank’s Annual Conference, Obama declared, "over the next five years, we will double our exports of goods and services around the world -- an increase that will boost economic growth and support millions of American jobs in a manner that is deficit-friendly." The American public can no longer be the primary consumers of the world’s products; we must instead transition from an import-based economy to one that relies on revenue generated by exports. Obama echoed this sentiment during his address when he acknowledged, “after years of taking on too much debt, Americans will no longer borrow and buy the world’s way to lasting prosperity.”

While exports have in fact increased by 17% in the past year, the U.S. Chamber of Commerce reports that imports grew simultaneously by 19.6%. The Obama Administration, in conjunction with members of the private sector, White House Officials, labor and Congressional leaders, must continue to prioritize expanding U.S. exports through providing and assisting companies looking to foreign markets. This will have significant implications for the U.S. trade balance but, more importantly, for the current condition of the U.S. economy.