A U.S. Department of Commerce official thanked members of the Trade Finance Advisory Council (TFAC) for their work and updated them on progress the DOC has made in implementing the council's recommendations at a council meeting earlier this month.
The DOC released a transcript of Deputy Secretary of Commerce Don Graves' speech to the TFAC on April 12 on the agency's website. In the remarks, Dep. Sec. Graves told the council that the DOC was committed to working with TFAC to strengthen the country's position as a leader in world trade.
"At the Commerce Department, we have one overarching goal: to improve America’s competitiveness so that our workers and companies succeed in the global economy," Graves said, according to the DOC.
Graves thanked the TFAC for its list of eight recommendations, submitted to the DOC last December, according to the transcript. Graves said the recommendations on trade finance issues were "warmly received" by DOC Secretary Gina Raimondo and gave agency officials "much to think about as we work to make access to trade finance easier and more equitable."
Graves said the DOC is working to find areas where public- and private-sector stakeholders can collaborate to implement some of the TFAC's suggestions, according to the transcript.
“For some recommendations, we are engaging with interagency colleagues to identify next steps for implementation,” Graves said at the meeting. “For other recommendations, we are consulting with industry associations and private sector partners to identify the most feasible, effective, and realistic avenues for implementation.”
Graves also spoke to the TFAC about Build Back Better World (B3W), a program designed to provide options for funding infrastructure projects in lower- and middle-income countries. Projects spotlighted by B3W address the climate crises, health-security challenges and digital and gender divides, Graves told the TFAC, according to the transcript.
He also touted the DOC's role in mitigating the effects of the global supply-chain disruptions caused by the COVID-19 pandemic. Sec. Raimondo, Graves said, "is working closely with our partner agencies to develop action-oriented policies to alleviate port and supply chain congestion in the near-term, and long-term policies to make our supply chain infrastructure resilient to future crises," the transcript reports.
Graves concluded his remarks to the TFAC by expressing appreciation for members' commitment, telling members the DOC valued their work and "your experience and expertise matter."
“I’m excited to see the recommendations that come out of today’s meeting," Graves said, "and all that you accomplish during the remainder of this term."
