Increasing international trade with Russia

I love every opportunity I have to build new bridges between the United States and Russia.

That’s why I was honored to meet recently with Sean Mulvaney, who was appointed in June by President Obama to serve on the board of directors of the Export-Import Bank of the United States.

The Export-Import Bank’s mission is to help provide funding and assistance to U.S. companies that want to export their U.S.-manufactured goods abroad. The bank does this by providing lines of credit and insurance to U.S. companies to make it easier for them to export.

For example, some U.S. companies fear that if they send a shipment of goods overseas, they may not receive their payment on the other end, so the Export-Import Bank secures accounts payable for qualified suppliers and clients. That makes U.S. companies more likely to take a chance in exporting overseas.

Since Russia is one of the key emerging markets for U.S. goods, Mr. Mulvaney was interested in talking with me to identify which U.S. companies are looking in increase their exports of U.S. manufactured goods to Russia.

As chair of Senator Mark Kirk’s Eastern European Advisory Board, I, too, am focused on fostering an increase in trade between Russia and the United States, and it’s wonderful to share ideas with others who can truly make a difference.

I am thrilled that government organizations like the Export-Import Bank exist, both here and in Russia, to facilitate trade, because I believe that with increased international trade comes increased peace all over the world!