Obama launches export strategy

US PRESIDENT Barack Obama put into action Thursday an ambitious strategy to double US exports by prising open lucrative emerging markets in a bid to ease unemployment amid fragile economic recovery.

The leader signed an executive order to "marshal the full resources of the United States government behind American businesses that sell their goods and services abroad" under his National Export Initiative.

It is the first time the US is launching a single, comprehensive strategy to promote American exports, Obama said, adding that he would put his credibility on the line for the strategy to succeed.

"This is an effort that I will personally lead as president," Obama said as he created an export promotion cabinet and reestablished a presidential export council a principal private-sector advisory committee on international trade, naming two prominent American business leaders to lead it.

The export strategy will strive to improve access to financing for domestic exporters and help them promote their products overseas, officials said.

Obama wants to open new markets, mostly in advanced emerging nations such as China, Brazil and India, while pressing for greater enforcement of trading rules, including protection of US intellectual property rights.

Under the strategy, he wants exports doubled in five years to support two million new jobs in the world's largest economy, which is battling nearly double-digit unemployment after enduring its worst recession in decades.

More than eight million Americans have lost their jobs since the start of the recession in December 2007 and millions more remain underemployed, including those doing part-time work or odd jobs.AFP