Tuesday, July 16, 2024
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HomeNewsCaribbean NewsUnited States establishes economic diplomacy action group to bolster US competitiveness

United States establishes economic diplomacy action group to bolster US competitiveness

By Caribbean News Global

WASHINGTON, USA – Last week, President Biden signed a Presidential Memorandum establishing the Economic Diplomacy Action Group (EDAG), a new whole-of-government initiative to strengthen US commercial diplomacy on the global stage and expand economic prosperity at home, supporting American workers and creating jobs.

The subject, Establishment of EDAG and delegation of certain functions and authorities under the Championing American Business Through Diplomacy Act of 2019, reads in part:

“Supporting United States economic and business interests abroad is a foreign policy priority. United States business has a critical role to play in advancing broader United States national security and foreign policy interests. Economic diplomacy can help to promote broad-based, inclusive, responsible, and sustainable economic growth, which enhances regional stability and creates new and growing markets for United States companies and opportunities for United States workers.”

“By the authority vested in me as president by the Constitution and the laws of the United States of America, including section 301 of title 3, United States Code, and section 708 of the Championing American Business Through Diplomacy Act of 2019 (Title VII of Division J of Public Law 116-94) (the “Act”), I hereby establish the Economic Diplomacy Action Group (EDAG) and delegate to you the functions and authorities vested in the President by subsection 708(c)(3) of the Act to appoint to the EDAG senior officials from your respective executive departments and agencies (agencies).” Read more here.

The US Department of State, in a media note, said:

“The EDAG will ensure our foreign policy continues to create opportunities for American businesses globally and attract foreign investment into the United States in sectors vital to US national security.

“The EDAG will advance US economic priorities, including supply chain resilience, and deepen our shared prosperity with allies and partners. To advance its mission to promote US exports, the EDAG will also create a trade expansion advisory committee with selected representatives from the private sector, labor, and other organizations to provide comment and advice.

“The formation of the EDAG stems from the Championing American Business through Diplomacy Act of 2019, passed to bolster US commercial competitiveness by strengthening US government support of US private sector interests internationally.

“The Secretary of State will chair the EDAG, in close consultation with the Secretary of Commerce and the US Trade Representative.”

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