President Barack Obama said seven cotton fiber products should be added to the list of those eligible for duty-free treatment under the program when imported from least developed country beneficiaries, in the Administration’s 2011 Annual Review under the Generalized System of Preferences program. Adding the products implements one element of the LDC trade initiatives that the Office of U.S. Trade Representative announced at the December 2011 World Trade Organization Ministerial, said USTR Ron Kirk.
The U.S. "welcomes" the European Union’s prohibition of all Iranian crude oil imports and other sanctions on Iran's oil industry, which took effect July 1, the White House press secretary said. He said the EU decision "represents a substantial additional commitment on the part of our European allies and partners.".
President Barack Obama proclaimed Gibraltar and the Turks and Caicos Islands to be be "high income" countries for purposes of the Generalized System of Preferences, both effective Jan. 1, 2014. He also said the Republic of Senegal should be designated a least-developed country for purposes of the GSP.
The G20 is "firmly committed to open trade and investment, expanding markets and resisting protectionism in all its forms, which are necessary conditions for sustained global economic recovery, jobs and development," G20 leaders said in their closing statement: "We underline the importance of an open, predictable, rules-based, transparent multilateral trading system and are committed to ensure the centrality of the World Trade Organization."
"It is clear that still more can and should be done to boost agriculture exports," said an Obama Administration report on America's agricultural economy released June 11. "The President's National Export Initiative has opened new markets for U.S. agricultural products and services and contributed to a historic level of agricultural exports." it said, and free trade agreements with Korea, Panama, and Colombia are projected to boost U.S. agricultural exports by $2.3 billion per year. The report noted that many sectors of the U.S. economy are running trade deficits, but American agriculture has enjoyed a trade surplus, with record levels of farm exports at $137.4 billion for fiscal year 2011.
President Barack Obama signed into law HR-2072, the "Export-Import Bank Reauthorization Act of 2012," which reauthorizes Export-Import Bank activities, increases the Bank's exposure cap, and makes other modifications to the Bank's authorities. The White House fact sheet on the May 30 signing said the legislation will allow the Export-Import Bank to continue financing U.S. exports to meet global competition. In addition to the reauthorization, the bill extends its lending limits and requires negotiations and several export studies (See ITT's Online Archives 12051817).
The national emergency with respect to the stabilization of Iraq declared in Executive Order 13303 of May 22, 2003, and modified several times since, is to continue in effect beyond May 22, 2012, President Barack Obama said in a message to Congress May 18. The emergency would automatically end if the President didn't extend it annually. The notice makes no changes in any provisions, including those affecting trade.
"Unnecessary differences and overly burdensome regulatory standards serve as significant barriers to trade," the G8 leaders said in their final statement after their meeting that ended May 20. As a result, the statement said, "we support efforts towards regulatory coherence and better alignment of standards to further promote trade and growth."
President Barack Obama issued an executive order declaring a national emergency to deal with the threat that "certain members of the Government of Yemen and others" are to security and stability. Among other things, the order says property and interests of those people in the U.S. or that come into the possession or control of any U.S. person may not be transferred, paid, exported, withdrawn, or otherwise dealt in. The executive order doesn't identify any specific individuals or organizations.
The Obama Administration voiced concern with H.R. 5326, the 2013 Commerce, Justice, and Science and Related Agencies Appropriations Act for reducing funding levels for several agencies, some of which are trade-related. If the President were presented with H.R. 5326, his senior advisors would recommend that he veto the bill, a press release said.