On Tuesday, Acting Deputy Secretary of Commerce Rebecca Blank addressed the growing economic importance of Saudi Arabia at the U.S.-Saudi Business Opportunities Forum. In her remarks, Blank stressed the value of a U.S.-Saudi commercial relationship that benefits both Americans and Saudis.

Blank praised King Abdullah for the steps he has taken to encourage economic partnership with the U.S., citing greater public participation within the political system and the appointment of the first woman to lead Saudi Arabia’s education system. These political and social advancements have led to Saudi Arabia’s jump to 12^th in the World Bank’s Ease of Doing Business Survey, up from a rank of 64^th only a few years ago. Saudi Arabia is committed to expanding and diversifying its economy beyond oil and into new knowledge-based industries, a commitment evidenced by over $750 billion of infrastructure investment to take place over the next five years.

In her speech, Blank reminded us that this progression within Saudi Arabia helps the U.S. expand trade and economic cooperation across our borders. As our 22^nd largest market worldwide, Saudi Arabia’s rapidly expanding population and industrial base will continue to provide investment and employment opportunities for American citizens. Last year alone, Saudi Arabia supported more than 1,000 American companies, including some 500 small- and medium-sized businesses. Blank insisted that partnering with Saudi Arabia will be conducive to meeting President Obama’s National Export Initiative goal of doubling exports by the end of 2014.

On Tuesday, Secretary Bryson and other U.S. government officials had a valuable conversation with senior European Union (EU) leaders on ways to cooperate and achieve the Obama administration’s National Export Initiative (NEI) goals. Since the EU is America’s largest trading partner, they are key to meeting the ambitious goal of doubling exports by the end of 2014.

The economic relationship between the EU and the United States is the largest and most dynamic in the world. The combined gross domestic product accounts for more than $30 trillion – roughly 40 percent of global GDP – and more than 800 million consumers. In 2010, bilateral trade in goods and services surpassed $873 billion. With this relationship so vital, in April 2007 the Transatlantic Economic Council (TEC) was established to provide Cabinet-level political guidance for implementation of specific work programs like intellectual property rights protection and regulatory cooperation.

Tuesday’s discussions made it clear that both the United States and the EU recognize innovation to be the main driving force for continuing this economic success and creating more jobs. In his comments, Secretary Bryson noted that the innovations created through the partnerships of American and European companies can be a greater catalyst for new jobs than innovation done without such collaboration. The Commerce Department is currently working tirelessly in that vein, developing transatlantic links between companies and research centers.

This weekend Secretary Bryson will be in Chengdu, China for the 22nd Joint Commission on Commerce and Trade (JCCT), the annual bilateral trade negotiations between the U.S. and China. Before going to Chengdu, the Secretary stopped in Beijing to meet with American business community and Chinese investors. He participated in a meeting with the American Chamber of Commerce (AMCHAM) and the U.S.-China Business Council (USCBC), and met with members of the Chinese business community to discuss bilateral trade and investment issues. Even though he was surrounded by wonderful local cuisine, Bryson stopped off at a local U.S. franchise–Subway–to highlight the success of American brands in China, and joined U.S. Trade Representative Ron Kirk to tour Wisconsin-made airport vehicles at the Beijing Airport.

During the meeting with the American business community, Bryson shared his commitment to opening markets and leveling the playing field for U.S. companies in China and he pledged to take their issues to the JCCT meeting in Chengdu. The discussion focused on intellectual property protection, bilateral investment and China’s indigenous innovation practices.

Bryson also met with Chinese business leaders to encourage them to invest–by establishing factories, facilities, operations and offices–in the United States and to help them better understand the opportunities and ease of investing in the U.S. China's foreign direct investment in America increased nearly twelve-fold (from $0.5 billion to $5.8 billion) between 2008 and 2010. The Obama administration recently announced Select USA–the first coordinated federal effort to aggressively pursue and win new business investment in the United States while cutting red tape and removing barriers.

Today Secretary Bryson attended three meetings with key businesses and industry groups. In the morning, Bryson met with trade association leaders to discuss their top priorities and challenges and how the Commerce Department can help their member businesses grow and succeed.   

After that meeting, Bryson met with the Business Roundtable (BRT) Executive Committee to discuss the issues affecting their membership and how Commerce can help their companies grow and succeed. BRT is an association of chief executive officers of leading U.S. companies with over $6 trillion in annual revenues and more than 14 million employees.

Bryson finished the day at the U.S. Chamber of Commerce. Two days prior to heading to China to meet with the American and Chinese business communities and participate in annual trade talks, Bryson participated in a roundtable discussion with U.S. and Chinese CEOs, as well as former government leaders, at the annual meeting of the Chamber of Commerce’s U.S.-China CEO Dialogue. The Dialogue is co-chaired by the U.S. Chamber of Commerce President and CEO Tom Donohue, and the China Center for International Economic Exchanges Chairman and former Chinese Vice Premier Zeng Peiyan.