October 9, 2001
Contact: Curt Cultice (202) 482-8198

Ringing up New Export Sales: BuyUSA.com Helps U.S. Businesses Find Faraway Buyers in Minutes

U.S. business leaders today gathered around the country at local U.S. Commerce Department Export Assistance Centers nationwide to see first-hand and learn about the Department's new high-tech exporting tool, BuyUSA.com. This new online business tool enables businesses to locate online, potential trading partners worldwide, reducing costs and waiting time from days or weeks to just minutes.

"We must give U.S. businesses the tools they need to export," said Commerce Secretary Don Evans. "Most jobs in America are created by smaller companies."

"A goal of this administration is to secure passage of Trade Promotion Authority for the President. TPA will open new markets, making BuyUSA.com an even more powerful tool for doing business."

Last year, our nation's exports topped $1 trillion. Small and medium-sized firms account for about 97 percent of U.S. merchandise exporters. As a group, however, they account for less than one-third of total U.S. export value. Most of these firms export to only one market, while others that could export don' t.

According to Forrester Research, exports arranged online should top $100 billion by the end of this year, jumping to nearly $1.4 trillion or 18 percent of global trade by 2004.

Buyers worldwide can view product catalogs and background information on U.S. companies that have been pre-qualified by the Commerce Department. More than 14,000 qualified overseas buyers in 112 countries have signed up to participate.

The BuyUSA " click and mortar" service offers online access to Commerce Department trade specialists around the world who can assist buyers and sellers with issues such as regulatory compliance, credit screening, and marketing. U.S. Businesses can subscribe to the marketplace for as little as $300 per year. BuyUSA.com is a joint effort with the Commerce Department and IBM.

"This project demonstrates how the public and private sectors can join forces to develop cost- effective technology solutions aimed at fostering economic development," said Curtis Tearte, Global General Manager, IBM Public Sector.

More information on BuyUSA is available at www.BuyUSA.com

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