The Virginia International Trade Authority is Virginia’s 21st century response to capturing the benefit of global markets for Virginia citizens. With the vast majority of economic growth expected to occur outside the United States over the next several decades, Virginia must ensure that it implements and maintains innovative international trade programs in order to help our businesses grow and expand.
HB 858, sponsored by Del. Steve Landes establishes The Virginia International Trade Authority, a public-private partnership that optimizes existing international trade development programs of the state with federal and local resources. The Virginia International Trade Authority will be a stand-alone international program that will exclusively help meet the overwhelming demand for the state’s international trade programs from Virginia’s existing businesses and coordinate new entrants in the practice of international trade promotion. The Virginia International Trade Authority’s mission will be to work hand-in-hand with existing Virginia businesses to increase revenue from international customers.
This budget neutral proposal does not require any additional outlay of state funds for administrative purposes, nor will it require additional employees as this office will be reorganized from the current trade programs housed under VEDP. The new trade authority will be able to serve the overwhelming demand for the state’s international trade development programs for Virginia companies by officially partnering with export service providers. The Virginia International Trade Authority will be in the best position to help meet the Commonwealth’s goal to add 14,000 international trade-supported jobs and increase Virginia exports of products and services by $1.6 billion by 2020.
Virginia’s economy is increasingly tied to exports with the state exports reaching $35.9 billion in 2014. From 2009 to 2014, nearly 30% of Virginia’s economic growth was driven by exports. The anticipated expansion of the Panama Canal this year and the prospect of new international trade agreements opening up new markets for Virginia goods and services make it all the more necessary to have a stand-alone trade authority with the flexibility to respond to new opportunities.
The Virginia International Trade Authority will support private sector businesses as they seek to compete internationally. The Virginia Chamber of Commerce, the Virginia Manufacturers Association, the Virginia Maritime Association and the undersigned businesses and associations strongly support the creation of the Virginia International Trade Authority and urge your support of HB858.
