During a recent meeting organized by the State Department in New York, attended by international media including Agi, American Assistant Secretary of Commerce for global markets Arun Venkataraman conveyed a message about the United States’ commitment to promoting trade relations. He highlighted that the US would make efforts to encourage the expansion of both inbound and outbound trade, as part of Joe Biden and Kamala Harris’ economic agenda. Italy was noted as one of the countries benefiting significantly from relations with the USA.
One of the tangible signs of the strengthening relations between Italy and the USA was Washington’s decision to declare Tuscany and Umbria areas free from swine vesicular disease as of July 12. This decision would facilitate the reopening of exports of fresh and short-matured pork products from these regions to the United States, providing a boost to numerous quality food businesses, especially in catering.
Assistant Secretary Venkataraman emphasized the importance of promoting US exports and attracting investments. He detailed that the trade between Italy and the United States had reached an impressive figure of $117 billion, with Italy ranking as the nineteenth largest exporter to the USA globally. The growth rate of exports from Italy to the US averaged 22% between 2017 and 2022, culminating in a record figure of $126 billion in 2023.
American exports to Italy are concentrated in sectors like oil and gas, precious metals, machinery, and pharmaceuticals, making the USA Italy’s largest non-European exporter. Venkataraman highlighted that trade plays a crucial role in supporting businesses and creating job opportunities. He noted that New York was one of the top five states in terms of exports, with $97 billion in exports in 2023.
The Assistant Secretary stressed that promoting the United States abroad through trade not only benefits American businesses but also strengthens alliances and supports fair wages. He mentioned the focus on growth regions like the Indo Pacific and initiatives like the Global Diversity Export Initiative, which aims to connect with entrepreneurs and double participation in the program. Ultimately, Venkataraman underscored the importance of trade in driving economic growth and fostering global partnerships.