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Interest in Overseas Pension Markets Continues to Grow, Spurring Public-Private Cooperation

December 4, 2012

Michael Corbin is an international trade specialist for asset management and private pensions in the International Trade Administration’s Manufacturing and Services unit. In nearly fourteen years of service his portfolio has included asset management, hedge and sovereign wealth funds, insurance and private pensions

The U.S. asset management sector has long been one of the great success stories of U.S. business, both at home and abroad.  U.S. companies accounted for nearly half of the world’s $85.2 trillion in assets under management in 2011.  U.S. asset managers are increasingly looking abroad to secure future business and take advantage of developing growth opportunities in the sector.

Why look overseas?

A month ago I had a conversation with an executive from a fortune 500 investment company. He told me that the U.S. market has become saturated, with many individuals receiving payouts rather than paying into the system.  He explained that we also are witnessing a major shift globally from defined benefit plans to defined contribution plans.  In a defined benefit plan, the employer promises to pay a certain monthly benefit upon retirement based on a specified criteria (e.g.,  age and  years worked). In a defined contribution plan, individual accounts are set up for participants and benefits are based on the amounts credited to these accounts (through employer contributions and, if applicable, employee contributions) plus any earnings on the money invested in the account. In the vast majority of the developing world, defined contribution systems are the default pension schemes.

The need for greater cooperation

Manufacturing and Services’ (MAS) Office of Financial Services Industries (OFSI) has seen an increased demand for assistance to companies seeking  to secure greater market access and increase brand awareness.  Just in the past few months OFSI’s asset management related work has included:

  • Collaborating with U.S. Embassy in Kuala Lampur, Malaysia and the Principal FinancialGroup as it unveiled a new agreement to manage private pensions in Malaysia.  The agreement will allow CIMB – Principal to establish a collaboration with employers to systematically introduce their employees to Private Retirement Schemes (PRS) and encourage greater retirement savings. A signing ceremony on 21 November publicly highlighted this historic agreement and market access success for an American asset manager.  (photo included)
  • In June I participated in a conference in Russia where I presented an overview of the U.S. insurance and pension systems to their membership and select regulatory officials and discussed steps Russia needed to take to accede to the OECD Insurance and Private Pension Committee.
  • OFSI provided critical analysis and recommendations to a U.S. insurer requiring immediate assistance regarding potential legislation impacting the Polish pension market.
  • OFSI, Embassy Lima in Peru, and the Investment Company Institute collaborated to organize a conference call between major U.S. mutual funds and insurers and the Peruvian Supervisory Authority. The Peruvians specifically requested U.S. expert opinion on their new pension reform before the scheduled public announcement in December.

These examples highlight how the International Trade Administration’s MAS unit is working with U.S.-based asset management firms to  expand U.S. financial services exports and their business  in foreign markets.  We anticipate the need for MAS’s services and expertise to grow as will opportunities and successes for U.S. companies.

Posted in Finance, International Trade Administration, Manufacturing and Services, Services | Tagged , , , , | Leave a Comment »

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Seize the Opportunity and Expand to Africa with the Doing Business in Africa Campaign

November 28, 2012

Francisco Sánchez serves as the Under Secretary of Commerce for International Trade. Follow him on Twitter @UnderSecSanchez.

Aerial view of Cape Town, South Africa. (photo © Graham Bedingfield/iStock)

Aerial view of Cape Town, South Africa. (photo © Graham Bedingfield/iStock)

Now is a great time to do business in Africa.  Consider these stats, highlighted today in remarks given by Acting Secretary Rebecca Blank:

  • Sub-Saharan Africa is home to 6 of the 10 fastest growing markets in the world.
  • Economic growth in the region is predicted to be strong – between 5 and 6 percent – in coming years.
  • And – most importantly – millions of Africans are finding a path from poverty to greater opportunity and prosperity.

This progress is good news for our friends in Africa; it’s also good news for American businesses.  As these numbers show, the growing African market is an increasingly attractive destination for quality products and services.  It just so happens that goods that are “Made in America” are the best in the world.  Now, we just need to link this supply with the demand, and make it easier for U.S. firms to operate in the dynamic African market.

One important effort towards achieving this goal: the “Doing Business in Africa” (DBIA) campaign which I launched with Acting Secretary Blank in South Africa earlier today.

It’s a whole-of-government approach that will:

  • promote more U.S. trade with Africa;
  • increase trade financing;
  • and engage with important stakeholders – like the United States’ African Diaspora community – to ensure they have all the tools needed to do business in the African market.

To achieve these goals, the campaign is involved in a number of initiatives, including:

  • organizing an Africa Global Business Summit Series so that U.S. companies can hear directly from our Ambassadors in Africa and Senior Commercial Officers about opportunities in the region;
  • opening the U.S.-Africa Clean Energy Development and Finance Center in Johannesburg, South Africa in 2013 to help identify and access U.S. government support for clean energy export and investment needs; and
  • developing an Africa Business Portal, providing valuable information about trade assistance programs and financing.

To learn more about the DBIA campaign, visit the website.  It’s sure to represent an important step towards the goal of increased prosperity and opportunity.

Another important step that coincided with the launch of the DBIA campaign is our historic trade mission to Zambia – the first-ever.   I am currently leading a delegation of 13 U.S. companies to both Zambia and South Africa.

This trade mission represents an important opportunity for U.S. businesses.  Trade between the U.S. and these two countries is booming.  In the case of U.S. and Zambia, total bilateral trade more than doubled in 2011.

In the case of South Africa, the largest U.S. export market in Sub-Saharan Africa, total U.S.-South Africa trade was nearly $17 billion in 2011, up from $13.9 billion the year before.  And, both the companies on the mission and the parties we are meeting with are determined to keep this momentum going.

To accomplish this, we are talking with public and private sector officials to facilitate U.S. business opportunities in Sub-Saharan Africa. Participating firms are gaining market insights, making industry contacts, and solidifying business strategies with the goal of increasing U.S. exports to the region.

By boosting U.S. exports, we can strengthen the American economy and fuel economic growth.  This work also advances the President Obama’s vision of greater U.S. engagement in Sub-Saharan Africa, as outlined by the Administration’s “U.S. Strategy on Sub-Saharan Africa” released in June.

All of us at the Department of Commerce share the President’s belief that Africa can be the world’s next great economic success story and value the opportunity to leverage our resources to support this trade mission and the Doing Business in Africa campaign.

Visit the DBIA website on Export.gov to learn more about this exciting new initiative.

Posted in Exporting, Finance, International Trade Administration, Investment, Trade Shows and Trade Events | Tagged , , , , | 4 Comments »

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What’s New in the Third Edition of the Trade Finance Guide?

November 27, 2012

This post contains external links. Please review our external linking policy.

Yuki Fujiyama, a trade finance specialist with the Office of Financial Services Industries in the International Trade Administration, is the author of The Trade Finance Guide: A Quick Reference for U.S. Exporters.

On November 13, 2012 in Philadelphia, we unveiled the third edition of the Trade Finance Guide: A Quick Reference for U.S. Exporters at the 23rd Annual Finance, Credit, and International Business Association (FCIB) Global Conference. Acting U.S. Commerce Deputy Assistant Secretary for Services Industries Carlos F. Montoulieu released the new edition emphasizing that, “This concise and easy-to-understand guide is designed to help U.S. small and medium-sized enterprises (SMEs) learn quickly how to get paid from export sales in the most effective manner.”

What is the Trade Finance Guide?

Trade Finance Guide: A Quick Reference for U.S. Exporters, third edition

Trade Finance Guide: A Quick Reference for U.S. Exporters, third edition

The Trade Finance Guide covers 14 subject areas in easy-to-understand two page chapters that are written in plain language. The Guide is:

  • A “60-minute” self-learning tool for new-to-export SMEs that wish to learn how to get paid from export sales.
  • A user-friendly tool for international credit, banking, trade finance professionals and export counselors for client assistance.
  • A flexible educational tool for professionals teaching international business.

The Guide uses a no-nonsense approach to make it easy to understand the importance of choosing the appropriate payment method and trade finance technique when dealing with international transactions. With a quick rundown of the pros and cons provided in each chapter, new-to-export SMEs will find the Guide’s recommendations for when one payment method and trade finance technique is best suited over another particularly helpful. With some 300,000 copies distributed to the public since the release of its first edition in 2007, the Trade Finance Guide has become one of the most popular export assistance resources published by the Commerce Department.

What’s New and Unique?

The third edition of the Trade Finance Guidehas been updated with new key information, refined to provide better clarity and adds two new chapters:

The Trade Finance Guide 3rd edition is released at the 23rd Anual Finance Credit and International Business Association Global Conference. From L-R Marta Chacon, Director, North American Operations, FCIB, Robin Schauseil, President, NACM (FCIB’s parent – National Association of Credit Management), Carlos Montoulieu, Acting DAS/Services Industries, Yuki Fujiyama, Trade Finance Specialist, OFSI/MAS/ITA, Ron Shepherd, Director, Membership & Business. Development, FCIB

The Trade Finance Guide 3rd edition is released at the 23rd Anual Finance Credit and International Business Association Global Conference. From L-R Marta Chacon, Director, North American Operations, FCIB, Robin Schauseil, President, NACM (FCIB’s parent – National Association of Credit Management), Carlos Montoulieu, Acting DAS/Services Industries, Yuki Fujiyama, Trade Finance Specialist, OFSI/MAS/ITA, Ron Shepherd, Director, Membership & Business. Development, FCIB

  • Consignment which explains how selling on consignment can provide the exporter some greater advantages which may not be obvious at first glance
  • Government-Backed Agricultural Export Financing which describes how U.S. exporters of agricultural products can turn sales opportunities, especially in risky emerging markets, into real transactions and get paid.

In addition to new content and updates, the third edition also offers unique features that make the Trade Finance Guide one of the most user-friendly publications produced by the Commerce Department. The new Guide is:

  • Easily accessible online to anyone with internet access and designed for both easy download and on-screen viewing.
  • Printer friendly because it was designed with printing in mind.
  • Eco-responsible because it was designed for digital distribution and to only use the smallest amount of paper and ink or toner possible when printed.

In addition, the new Trade Finance Guide is the first official ITA publication to have adopted a QR Code to make it easy for those with smart-phones to access the Guide’s homepage in cyberspace.

Partnership and Cooperation

The Trade Finance Guide was created in partnership with FCIB and in cooperation with the U.S. Export–Import Bank, the U.S. Small Business Association, the U.S. Department of Agriculture, the International Factoring Association, the Association of Trade & Forfaiting in the Americas, and BAFT-IFSA (Bankers Association for Finance & Trade–International Financial Services Association). FCIB, a two-time recipient of the President’s “E” Award, is a globally recognized business educator of credit and risk management professionals in exporting companies ranging in size from multinational to SMEs.

How to Obtain the Trade Finance Guide

Trade Finance Guide, third edition QR Code

Trade Finance Guide, third edition QR Code

The Guide is available through the U.S. government’s export portal, Export.gov/TradeFinanceGuide, both as a complete guide and as individual chapters for those only wishing to learn a specific trade finance technique. You may also scan the QR Code below to go straight to the Guide’s homepage.

Coming Soon: Trade Finance Guide in Spanish

The Commerce Department is currently working with the California Centers for International Trade Development to create a Spanish version of the Trade Finance Guide. The Spanish version will help SMEs expand their global presence, especially in Mexico and Latin America, where Spanish is the primary language. Please stay tuned as the Trade Finance Guide’s inaugural Spanish version is scheduled for release in a few months!

Posted in Competitiveness, Exporting, Finance, International Trade Administration, Manufacturing and Services, Small Business | Tagged , , | 3 Comments »

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A Note of Thanks: Celebrating Walter Bastian’s Lifetime of Achievement

November 2, 2012

Francisco Sánchez serves as the Under Secretary of Commerce for International Trade. Follow him on Twitter @UnderSecSanchez.

Deputy Assistant Secretary for the Western Hemisphere Walter M. Bastian

Deputy Assistant Secretary for the Western Hemisphere Walter M. Bastian

Walter Bastian embodies the best of public service.  He doesn’t measure success by how well he does, but by how well he can help others.  And during his decades at the Department of Commerce, he has indeed helped others and made great contributions to the global community.

In recognition of his accomplishments, last week, Walter was one of nine recipients of the 2012 Americas Award for his lifetime of achievement.  Having had the chance to work with him closely in recent years, I must tell you: he is very deserving of this honor.

As Deputy Assistant Secretary for the Western Hemisphere, Walter has developed programs, policies and strategies to strengthen the United States’ commercial position in the region — the destination for roughly 40 percent of U.S. exports.  And in doing so, he’s also committed himself to expanding opportunity and prosperity throughout the Americas.

One of Walter’s greatest accomplishments was playing a central role in founding the Americas Competitiveness Forum (ACF).  The initial idea for a meeting of Western Hemisphere commerce ministers was offered by President George W. Bush at the 2005 Summit of the Americas.  Walter helped make that idea a reality.

Walter saw beyond what was being asked and instead focused on what more could be accomplished. He understood that competitiveness is not just a national issue, but a hemispheric one.

For that reason, he set about creating a forum to motivate the region’s government leaders to work in partnership with the private sector, academia, and civil society to improve the economic prosperity of their own countries, and ensure a brighter future for the people of the region.

Since its inauguration in 2007, the ACF has become the preeminent economic and commercial event in the Americas, attracting hundreds of participants from the Western Hemisphere’s public and private sectors.  It has helped to create and strengthen the kinds of partnerships that are necessary for regional integration and future growth.

Bottom line: progress is achieved by people who want to make a difference.  And Walter Bastian has made a difference.  He has dedicated his time, talent and passion to bringing the Americas closer together through commerce. And we have all benefited.

On behalf of the International Trade Administration, the U.S. Department of Commerce, and our partners throughout the region — thank you, Walter.

Posted in Competitiveness, Exporting, Finance, Interagency, International Trade Administration, Investment, Market Access and Compliance, Trade Shows and Trade Events | Tagged , , , , , , | 6 Comments »

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Under Secretary Sánchez Participates in Americas Competitiveness Forum

October 31, 2012

This post contains external links. Please review our external linking policy.

Marc Buergi is a fellow in the Office of Public Affairs at the International Trade Administration

U.S. Commerce Under Secretary for International Trade Francisco Sánchez led Commerce’s delegation to this year’s Americas Competitiveness Forum (ACF) in Cali, Colombia, October 24-26.

Sánchez’s participation underscored the U.S. government’s commitment to enhance the competitiveness of the Americas – a region that is vital to the U.S. economy. With Mexico and Canada, it not only includes two of our three largest trading partners, but also some of our key trade agreement partners, including the host country Colombia.

The Obama administration and the Commerce Department are firmly committed to strengthening U.S. trade within the Western Hemisphere. At the 2012 Summit of the Americas, President Obama announced a number of initiatives designed to enhance this important trade relationship. These included the 100,000 Strong Initiative to expand student education exchanges; and the creation of the Innovation Fund of the Americas that increases access to export financing thereby expanding trade opportunities for small and medium-sized enterprises.

In Cali, Sánchez reported on the strong efforts of all U.S. government agencies to advance these initiatives.

The ACF, first held in 2007, tries to improve the region’s competitiveness through innovation, entrepreneurship, public-private partnership and mutual engagement. Hundreds  of representatives from the region’s public and private sector participated in a continental dialogue on competitiveness. Among the numerous guests were heads of state, ministers of economy, commerce, trade and industry, and leaders from academia, civil society, and business.

This year’s ACF helped further develop the goals established at last year’s Forum in the Dominican Republic: In 2011, the “Santo Domingo Consensus” set forth 10 objectives to promote progress toward a more competitive and prosperous region in areas like education, infrastructure, and trade liberalization.

The participants of this year’s ACF learned about the progress and experiences the countries made in adopting the 10 principles: At the opening event of the Forum, the Inter-American Competitiveness Network presented its report “Signs of Competitiveness of the Americas.”

The ACF featured several collateral events, including a business ethics workshop focused on the medical device industry in the Americas, a higher education forum focused on STEM disciplines (science, technology, engineering, and mathematics) and a closed door meeting of ministers of trade, commerce and industry.

Commerce is looking forward to helping deliver on the action items put forward at this important event.

Posted in Competitiveness, Exporting, Finance, Interagency, International Trade Administration, Trade Shows and Trade Events | Tagged , , | 1 Comment »

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Banner Year for U.S. Advocacy Center

October 16, 2012

Bryan Erwin is the Director of  The Advocacy Center in the U.S. Department of Commerce’s International Trade Administration

The Advocacy Center of the Department of Commerce has had its most successful year since its creation in 1993. Never before has the Center helped U.S. businesses win as many international public contracts as in the past fiscal year 2012 .

U.S. companies won 53 international contracts, with a total value of $87.1 Billion. Of this amount, $73.9 Billion is U.S. export content – which means that it was made here in the U.S. – ensuring jobs for Americans. In fact, the Advocacy Center estimates that our work has helped support some 370,000 U.S. jobs.

These statistics are a record for us. In the year before, the value of the U.S. exports in the contracts was only $23.7 Billion. In 2010, it was $16.8 Billion.

Our mission is to coordinate U.S. Government resources and authority in order to level the playing field on behalf of U.S. business interests as they compete against foreign firms for specific international contracts or other U.S. export opportunities. In doing so, the Advocacy Center helps create and retain U.S. jobs through exports. And our success in 2012 was very much a collaborative effort of the whole of the Department of Commerce, and in some cases whole-of government.

But it is not only the total number which is impressive. The Advocacy Center also helped more sectors vital for the National Export Initiative win contracts. One fifth of the acquired contracts were won by Small and Medium Enterprises. Their share used to be in the single digits.

The clean energy and environmental sector and the health care sector were also able to acquire more business. International contracts won in 2012 will support almost 2,400 US clean energy jobs and 200 U.S. healthcare jobs.

A focus of the Center has also been Emergency Rescue and Disaster Relief Projects, contracts in Reconstruction Areas, and bidding contests in the so called BRIC (Brazil, Russia, India and China) markets. In each of these focus areas, the Advocacy Center was able to assist more U.S. firms win contracts than in the recent past.

One example of our success in an emerging market is in Indonesia, in which case the U.S. Government advocated on behalf of Electro-Motive Diesel Inc. (EMD), based in LaGrange, IL, to win a government contract in Indonesia. In August, EMD reported that it was awarded a contract to provide PT Kereta Api Indonesa (PTKA), a state-owned railway company, with 44 diesel-electric locomotives as a result. EMD estimates that the total value of the procurement at $140 million, with U.S. export content of $94.0 million. And this contract will help support 470 U.S. jobs alone!

Our work on behalf of U.S. businesses is important that ever as we continue to help position companies to compete in an increasingly competitive global marketplace. That is why although 2012 was the Advocacy Center’s most successful year – we are already working on breaking this new record in 2013.

For more information about the Advocacy Center, please visit http://export.gov/advocacy/

Posted in Commercial Service, Exporting, Finance, International Trade Administration, National Export Initiative | Tagged , | 1 Comment »

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ITA and American Businesses: Partners for Progress

October 2, 2012

This post contains external links. Please review our external linking policy.

Francisco Sánchez is the Under Secretary for International Trade.

At the International Trade Administration, we work every day to help U.S. businesses compete and succeed in the global markets.  In my view, this work is more important than ever.  More than 9 out of every 10 of the world’s customers live outside our borders. In order for our nation to compete in the 21st century, it’s critically important that American goods reach these foreign buyers.

ITA’s talented staff works every day to achieve this goal, but we fully realize that, because of our limited resources, we can’t do it all.  That is why establishing collaborations with a wide-variety of partners has been a priority of my tenure.

Some quick examples:

  • Through our New Market Exporter Initiative, we have joined with FedEx, UPS, DHL, the U.S. Postal Service and others to help companies already exporting in one market, expand into others.
  • We are working with the Brookings Institution on the Metropolitan Export Initiative, designed to help metro areas develop their own export plans that leverage the unique strengths that their local businesses offer.
  • We’ve signed a Memorandum of Intent with the American Association of Port Authorities, under which America’s seaports are helping more businesses learn how to reach overseas customers.

This issue of International Trade Update will give you insight into additional efforts.

You’ll learn how we are supporting medical manufacturers in Buffalo, helping American businesses gain access to financing, and so much more.

In addition to this work, recent weeks have been busy for me personally.  Some highlights: I led 66 U.S. colleges and universities on an historic trade mission to Brazil.  I gave a speech at the U.S. Chamber of Commerce, focused on meeting the promise of permanent normal trade relations with Russia.  And I met with the American Chamber of Commerce in Shanghai to discuss ways we can give America’s small-and medium-sized enterprises more opportunities in the Chinese market.

And through it all, I’ve been focused on our core mission: representing the interests of American businesses in the international marketplace.

And I look forward to partnering with you to give even more businesses new opportunities to sell their products in new markets.

Posted in Competitiveness, Exporting, Finance, International Trade Administration, International Trade Update, Manufacturing and Services, Trade Shows and Trade Events | Leave a Comment »

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ITA and EPA Launch Environmental Export Initiative at WEFTEC

October 1, 2012

Maureen Hinman is an Environmental Technology Trade Specialist in ITA’s Office of Energy and Environmental Industries.

Under Secretary Francisco Sanchez speaks at WEFTEC launching the U.S. Enivronmental Export Initiative and web portal on Export.gov.

Under Secretary Francisco Sanchez speaks at WEFTEC launching the U.S. Enivronmental Export Initiative and web portal on Export.gov.

EPA Administrator Lisa P. Jackson and Under Secretary Francisco J. Sánchez launched the Environmental Export Initiative today at the Water Environment Federation Technical Exhibition and Conference (WEFTEC), the largest environmental industry event in North America and largest annual water exhibition in the world with more than 900 exhibitors and 18,000 water professionals in attendance.

The Environmental Export Initiative is the result of a renewed partnership between the International Trade Administration and the Environmental Protection Agency that seeks to promote environmental exports by leveraging EPA’s unparalleled expertise in environmental management with ITA’s export promotion and market development skills.  The Trade Policy Promotion Coordinating Committee (TPCC) initiative was announced on May 14, 2012 at American University by then Commerce Secretary Bryson, EPA Administrator Jackson, U.S. Trade Representative Kirk, and Secretary of Agriculture Vilsak and signifies a government-wide effort to enhance environmental technology exports.  Today’s event gave the leading agencies a chance to formally launch the initiative and outline for environmental companies some of the key deliverables under the initiative that will help facilitate increased environmental technologies exports.

In addition to announcing the initiative, Under Secretary Sánchez took the opportunity to launch a deliverable: the Environmental Solutions Exporter Portal.  Among the first deliverables of the new initiative, the portal is a single window for environmental exporters to access a suite of U.S. government services.  It provides a direct line to U.S. trade and environmental protection specialists and includes information on tailored market research, export counseling, export finance, innovation and project development finance, feasibility studies, trade missions, commercial dialogues, and technical assistance for market development.

During the launch Administrator Jackson announced the roll-out of the U.S. Environmental Solutions Toolkit.  The Toolkit is an online and (soon to be) mobile resource for foreign consumers that combine U.S. EPA expertise on solving environmental challenges with a catalogue of U.S. producers of related technologies. Pilot solutions for the module include nutrient removal from municipal wastewater, ground water remediation, mercury pollution control, and emissions from large marine diesel engines.  The U.S. EPA and ITA will continue to add environmental issues to the toolkit in 2013, building a comprehensive interface to address environmental problems of all scope and size.  For more information on how to participate in the toolkit please contact us at envirotech@trade.gov.

Posted in Competitiveness, Exporting, Finance, Green and Sustainable, Interagency, International Trade Administration, Manufacturing and Services, Trade Shows and Trade Events | Tagged , , , , | Leave a Comment »

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ITA and FCIB’s Commitment to International Trade Finance Continues

September 28, 2012

Yuki Fujiyama is a trade finance specialist with the Office of Financial Services Industries in the International Trade Administration. He is the author of The Trade Finance Guide: A Quick Reference for U.S. Exporters. 

Increasing access to financing for U.S. exporters and their foreign buyers is one of the top priorities of the President’s National Export Initiative (NEI). One of the private-sector organizations that is actively supporting such efforts, in partnership with the U.S. Department of Commerce, is the Finance, Credit and International Business Association (FCIB),  a globally recognized association of international credit and trade finance professionals. Established in 1919, FCIB enjoys an international reputation as a prominent business educator of credit and risk management professionals in exporting companies ranging in size from multinational to small and medium-sized enterprises (SMEs).

Attendees at the 2011 FCIB Annual Global Conference (Photo FCIB)

Attendees at the 2011 FCIB Annual Global Conference (Photo FCIB)

FCIB is currently working with the Commerce Department on the development of the third edition of The Trade Finance Guide: A Quick Reference for U.S. Exporters and its inaugural Spanish language version scheduled for release at FCIB’s 23rd Annual Global Conference on November 11-13, 2012 in Philadelphia, PA.

In 2007, FCIB assisted the Commerce Department in the development of this well-received publication, a concise and easy-to-understand guide designed to help SMEs learn quickly how to get paid from their foreign customers in the most effective manner. Subsequently, in recognition of its contributions to the development and promotion of the Guide, FCIB was awarded a Certificate of Appreciation from the Under Secretary for International Trade, the head of the Commerce Department’s International Trade Administration (ITA).  With more than 200,000 copies distributed to the public since its release in 2007, the Guide has grown to become one of the most popular export assistance resources published by ITA. The Guide is actively utilized by many international credit, banking, and trade finance professionals to help promote basic trade finance literacy among new-to-export SMEs. In support of the NEI, FCIB will continue to promote the new Guide to help advance international trade and facilitate U.S. exports.

Another recent partnership example is FCIB’s “Doing Business In” series  that focus on country-specific exporting issues. This series features experts from various nations providing expertise on some of the most vital ins and outs of profitable sales of products and services in both established and developing economies. FCIB is currently working with the Commerce Department to expand its “Doing Business In” series through the participation of selected ITA’s country desk officers and commercial service officers who work at U.S. embassies overseas.

In 2004, in partnership with Commerce Department and Michigan State University, FCIB developed, designed and launched the first course of its kind–International Credit & Risk Management (ICRM) online course. The course comes to exemplify the level of respect and cooperation between FCIB and the Commerce Department in the shared mission to promote the growth of U.S. exports and advancement of international trade. FCIB’s 13-week ICRM online course is designed to educate credit, trade finance, and international business professionals about the various intricacies of global credit and risk management.

In September 2012, FCIB launched the latest session of its ICRM online course. Now approaching its second decade of service to the global credit and business communities, more than 1,700 professionals in credit and finance have earned the ICRM program’s prestigious Certified International Credit Professional designation. A Commerce Department partnership awarded through the Market Development Cooperator Program was of critical importance in getting the ICRM online course program off the ground.

FCIB is a two-time recipient of the President’s “E” Award,  which recognizes the significant contributions that companies and organizations have made to increasing American exports.

  • In 1970, FCIB was awarded the President’s “E” Certificate for Export Service for its role in stimulating increased interest in exporting within the U.S. business community from 1967-1969.
  • In 1982, FCIB was awarded the President’s “E Star” Award in recognition of its outstanding work and continuous support of the export credit community.

Now in its 93rd year, FCIB continues to develop easily-accessible services to facilitate the role that its membership and other credit and trade finance professionals play in the growth of U.S. exports and the advancement of international trade.

FCIB’s parent, the National Association of Credit Management, is a non-profit organization that represents nearly 16,000 businesses in the United States and is one of the world’s largest credit organizations. More information on FCIB is available at www.fcibglobal.com.

Posted in Competitiveness, Exporting, Finance | Tagged , | Leave a Comment »

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ITA is Doing Our Part to Promote Efficient Spending, Improve Efficiency

April 23, 2012

Jim Donahue serves as the Deputy Chief Financial Officer and has been with the International Trade Administration since 2001.

Even before the President issued Executive Order 13589 entitled Promoting Efficient Spending the International Trade Administration (ITA), and indeed, all of the Department of Commerce, had been on a mission to reduce spending in areas where savings could be generated without reducing program effectiveness.   

Status report on ITA’s various categories of administrative savings

Status report on ITA’s various categories of administrative savings

Thanks to suggestions and input from numerous ITA staff representing the entire agency ITA has been particularly successful in identifying potential areas where savings are possible and actually following through and capturing the savings.  As the ITA administrative savings team ramped up and started generating successes the novelty of the project breed additional enthusiasm and momentum that became contagious throughout the organization.

The ITA savings target for fiscal year 2012 is $10 million and we are on schedule to hit the target. Unlike most federal actions, the savings that are contributing to the target are extraordinarily diverse in size and description.  They range from a $4,100 savings associated with a redesigned car lease to $360,000 in rent savings by tightening our belts and improving our utilization of space within the Hoover Building here in Washington,D.C. 

My personal favorite savings item is the $167,000 ITA saved by using office supplies left over from the 2010 decennial census. ITA staff pitched in this winter to coordinate the delivery and distribution of 50 boxes of pens, paper, files folders and other miscellaneous supplies that could be put to productive use in ITA.

Savings like these are not inconsequential. They save both precious money and reduce waste. Like every businesses around the country, these savings add up. And I am proud to tell you that these are just a few examples of how ITA is taking efficiency spending seriously – and there will be many more examples to come.

Posted in Finance, International Trade Administration | Tagged , | 1 Comment »

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