A new cabinet level initiative aims to foster greater economic growth and stronger connections between the U.S. and Mexico. The High Level Economic Dialogue was announced by the administration May 2, as part of President Obama’s visit to Mexico. The first meeting of the HLED will happen later this year and involve officials from various government agencies as well as the private sector, according to a White House statement (here). HLED will focus on promoting entrepreneurship, innovation and the development of human capital, the U.S. Trade Representative said. It will also help align efforts of the U.S. and Mexico in regional and international forums, like the G20 and Trans-Pacific Partnership agreement, USTR said.

The White House issued notice that the national emergency with respect to Burma (Myanmar), originally established in 1997, will be extended for one year. "The Government of Burma has made significant progress in a number of critical areas, including releasing hundreds of political prisoners, achieving cease-fire talks with the 11 armed ethnic groups, taking significant steps toward eliminating press censorship, and enabling the participation of opposition parties in the country's political system," President Obama said in a letter announcing the continuation (here).

White House Deputy National Security Adviser for International Economic Affairs Mike Froman could be the next U.S. Trade Representative, according to various news reports. Froman has extensive experience in international forums, serving as the U.S. "sherpa" for the G20 and G8 summits and working on the Transatlantic Economic Council, the U.S.-India and U.S.-Brazil CEO forums. Froman attended Harvard Law School with President Obama, and has served in his current role since 2009. He previously worked as a Citigroup executive. New reports are also circulating that Obama fundraiser Penny Pritzker is still in line to become the next Commerce Secretary. Pritzker is the founder and CEO of Chicago investment firm PSP Capital Partners, and served as Obama's national finance campaign chair in 2008 and his national campaign co-chair in 2012. She is also a member of the President's Council for Jobs and Competitiveness and a member of the Hyatt Hotels Corporation board. Pritzker is number 271 on Forbes list of richest Americans.

The Office of Management and Budget released estimates on Fiscal Year 2014 budget reductions required by sequestration April 10 (here). The report estimates a 7.3 percent across-the-board cut for nondefense mandatory spending, higher than the 5 percent sequestration cut federal agencies are currently implementing. Defense mandatory spending will be cut 9.8 percent, the report estimates. CBP is estimated to face a $109 million cut from nondefense mandatory appropriations.

Somalia is now eligible to receive defense articles and defense services under the Arms Export Control Act and the Foreign Assistance Act of 1961. President Barack Obama issued a memorandum April 8 granting Somalia eligibility, saying furnishing defense articles and services to the East African republic “will strengthen the security of the United States and promote world peace.”

Singapore is a strong economic partner to the U.S., President Barack Obama said at an April 2 meeting with Singapore Prime Minister Lee Hsien Loong (http://xrl.us/bosqwk). Since the two countries signed a trade agreement a decade ago, “we have seen a doubling of trade” between the partners, he said.

President Obama signed into law March 26 a continuing resolution to fully fund the government until the end of the fiscal year. The resolution, passed by the House and Senate last week, keeps in place unilateral spending cuts known as the sequester, but will keep all cabinets and government agencies running until September (read the complete bill here). Specific budget items include:

President Obama has nominated Fred Hochberg to be president of the Export-Import Bank, a position Hochberg has held since 2009. Other nominations announced March 21 are:

The Obama Administration officially notified Congress of intentions to enter into trade negotiations with the European Union March 20. The Transatlantic Trade and Investment Partnership will have to seek innovative ways to reduce non-tariff trade barriers between the U.S. and EU, Acting U.S. Trade Representative Demetrios Marantis said in his letter to Congress announcing the negotiations (here). The administration’s goals for the talks include reducing trade barriers based on unscientific sanitary and phytosanitary restrictions, crafting strong intellectual property rights and ensuring transparent and efficient customs operations.

Acting Director of the Office of Management and Budget Jeffery Zients will stay at the agency until the new director is confirmed, White House Press Secretary Jay Carney said March 19. Zients was rumored to be a potential U.S. Trade Representative pick, replacing Ron Kirk. The White House is waiting on Senate confirmation for its OMB director nominee, Sylvia Burwell. “[Zients] has been just an enormously valuable player on the President’s economic team,” Carney said in his daily press briefing. “… the President appreciates his service and his willingness to continue as acting director very much indeed.”