One of the Obama administration’s highest-ranking business leaders, speaking to GWSB students and faculty this month, called for greater transparency in China’s export policy.
Fred Hochberg, the president of the Export-Import Bank of the United States, an export credit agency established by Congress that provides guarantees and insurance for exports and extends credit to U.S. exporters, addressed the Global Competitiveness Forum, “A Framework for Success in a Changing World.”
The forum is part of a series sponsored by GWSB and the Center for International Business Education and Research (GW-CIBER) focusing on how governments can help businesses be more competitive.
Hochberg was introduced by former Obama administration colleague Suresh Kumar, who was assistant commerce secretary for trade promotion and director-general of the U.S. Foreign Commercial Service and is now GWSB distinguished visiting professor of international business.
“Global trade has always been important, it just becomes more so now,” said Kumar. With a growing middle class worldwide, trade will increasingly be an important driver of economic growth and job creation, he said. “We need to address how free trade can affect the quality of life.”
Hochberg said the United States needs a new roadmap to foster export growth. He called for changes in international export finance; a reorganization of export functions within the U.S. government; and greater transparency on the part of all nations that support their export sectors.
For instance, China, Brazil and India don’t belong to the Organization for Economic Cooperation and Development (OECD), a Paris-based group of 34 nations, including the G-7 major industrial powers of Canada, France, Germany, Italy, Japan, the United Kingdom and the United States.
Member nations operate with a certain transparency regarding their global trade policy, Hochberg said, and it’s time that all major economic powers – particularly China – abide by the same principles.
“We cannot have the largest country in the world not playing by anybody’s rules,” he said.
Posted by gwsb on November 20, 2012 | Filed under: GWSB News.