Answer to Question 1
Many countries provide export promotion assistance to their firms. Key reasons for such assistance are the national need to earn foreign currency, the encouragement of domestic employment, and the increase in domestic economic activity. Many forms of export promotion can be seen as government distortion of trade because government support simply results in a subsidization of profitability or reduction of risk. Yet there are instances where such intervention may be justified. Government support can be appropriate if it annuls unfair foreign practices, increases market transparency and therefore contributes to the better functioning of markets, or helps overcome, in the interest of long-term national competitiveness, the short-term orientation of firms.
The U.S. Department of Commerce provides companies with an array of data on foreign trade and marketing developments. Its Commercial Service provides a link with U.S. businesses in terms of information flow and market assistance. Efforts are made to coordinate the activities of diverse federal agencies. An official interagency advocacy network was created that helps U.S. companies win overseas contracts for large government purchases abroad. A variety of agencies now collaborate in order to continue to improve services to U.S. exporters.Many countries also provide substantial levels of private-sector support. A new focus has come about in the area of export financing. Policymakers have increasingly recognized that U.S. business may be placed at a disadvantage if it cannot meet the subsidized financing rates of foreign suppliers. The Export-Import Bank of the United States, charged with the mission of aggressively meeting foreign export-financing conditions, has in recent years even resorted to offering mixed aid credits. The bank has also launched a major effort to reach out to smaller-sized businesses and assist in their export success. Tax legislation that inhibited the employment of Americans by U.S. firms abroad has also been altered to be more favorable to U.S. firms. One other export-promotion development was the passage of the Export Trading Company Act of 1982 . Intended to be the U.S. response to Japanese sogoshoshas, or international trading firms, this legislation permits firms to work together to form export consortia. The basic idea was to provide the foreign buyer with a one-stop shopping center in which a group of U.S. firms could offer a variety of complementary and competitive products. By exempting U.S. firms from current antitrust statutes, and by permitting banks to cooperate in the formation of these ventures through direct capital participation and the financing of trading activities, the government hoped that more firms could participate in the international marketplace.
Answer to Question 2
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