County supervisors OK agreement with federal agency to boost trade
Riverside County supervisors signed off Tuesday on plansfor a compact with the United States Trade & Development Agency that isintended to bolster area businesses’ efforts to expand their goods and servicesinto overseas markets.
Supervisor Kevin Jeffries sought approval of the proposed USTDAagreement, which is slated to be formalized during a ceremonial signing at theWorld Trade and International Summit in Lake Elsinore on June 6.
Jeffries wrote in his submission to the board that the USTDA wasinterested in a “strategic partnership with the county . . . to increase exportsand global awareness of the county . . . and open new markets for productsproduced or grown in the county.”
Riverside County Foreign Trade Commissioner Tom Freeman characterizedthe partnership as a potential “force multiplier” in terms of drawing moreinternational investors to the region.
The USTDA offers several programs designed to support Americanbusinesses trying to access emerging and established foreign markets, accordingto the agency’s website.
In many cases, the agency supplies U.S. taxpayer-funded grants tooverseas companies for business ventures that could potentially lead to the useof American firms for products and expertise.
Last month, USTDA awarded $610,000 to a Chilean company interested insetting up a wind energy farm on the island of Chiloe, which lies near thesouthern end of the South American country.
