Los Angeles Area Chamber of Commerce

In early 2009, people all around the world witnessed a historic moment as President Barack Obama was sworn in as America's 44th President. Among many challenges that the Obama Administration inherited was this nation's economic crisis.

Last year was a tough year as we all continued to experience crises in the financial market, an alarming rise in unemployment, and negative or stalled economic growth throughout the world.  International trade is not immune to the global recession - import growth is slowing, and exports were declining in 2009 after several years of exceptional growth.  But, that picture is slowly improving.

As President Obama vowed during his inaugural speech to begin the work of "remaking America," 2009 was a year of rebuilding for Americans.    The President, during his first address to the nation before a joint session of Congress in January 2010, stated that "We will double our exports over the next five years, an increase that will support 2 million jobs in America."  These objectives are key components of our economic recovery, and the genesis for the World Trade Week 2010 theme — "World Trade: The Path to Economic Recovery.

Last year, major adjustments were made by households, and business and financial institutions to reduce debts and rebuild their balance sheets.  These adjustments were necessary to survive the economic hardships and lay the foundation for our nation's future growth.  U.S. international trade policy shifted its emphasis to restoring balanced growth between imports and exports. Although both exports and imports declined in 2009, the decline in imports easily outpaced that of exports as our country's appetite for imports weakened.  With domestic demand unlikely to turn upward significantly for the coming years, exports must be part of our growth strategy. 

The economic rebound in key trade partnering regions of California, such as the Pacific Rim, Latin America and the Canadian economies, signals demands for our products and services. 

Given the dynamics of world trade, the present global recession will only be cured by solutions that are beneficial to all nations.  If 2009 was a year of rebuilding, 2010 will be a challenging year of laying the foundation to sustainable growth.  In world trade, we must pay attention to changes that take place in our trading partner countries.  We need to focus on creating stable, cooperative and positive relationships with our trading partners ─ key relationships that are not only mutually beneficial, but are also partnerships that benefit the entire world. 

I am honored to serve as the Chair for World Trade Week 2010.  I commend the World Trade Week committee for its tireless efforts, and I also want to thank the many participating organizations and sponsors of World Trade Week and the international trade community for their continued support and commitment.  Please join me in helping to make 2010 a great year for world trade!

Kaylynn Kim

Chair

Allen Matkins Leck Gamble Mallory & Natsis LLP