The Department of Commerce (Department) is responsible for growing and improving jobs in Washington, facilitating innovation, and streamlining access to business assistance and economic development services by providing them through sector-based, cluster-based, and regional partners. The Department's duties also include assisting in expanding the state's role as an international center of trade, promoting the state's products and services both nationally and internationally, and working in close cooperation with private and public international trade efforts. In connection with these efforts, the Department is required to identify and work with Washington businesses that can use assistance to increase domestic and foreign exports of goods and services.
The Department is required to include in existing reports to the Legislature by July 1, 2024, information on the anticipated economic impacts in Washington in the event of a major disruption to trade with any of Washington's top trading partners; the present trade balance of Washington relative to both global trade volume and trade with individual nations or regions; and a description of current efforts to develop diverse foreign export destinations and domestic industries. In carrying out the Department's responsibilities with regard to trade, the Department is required to consult with Washington's international marine cargo ports, establish a minimum of three foreign offices by July 1, 2027, prioritize diversifying foreign export destinations, and eliminate economic dependence on any particular foreign market.
The substitute bill specifies the Legislature's intent that Washington's trade focus be responsive to international market conditions and adequately equipped to address opportunities and disruptions alike.
The substitute bill also specifies that the Department shall include in existing reports to the Legislature information regarding the present trade balance of Washington relative to both global trade volume and trade with individual nations or geographic regions, and a description of current efforts to develop diverse foreign export destinations as well as domestic industries. The substitute bill removes the requirement that the Department make policy recommendations on how the Department could be equipped to provide business assistance to impacted exporters and their employees.
The substitute bill also requires the Department, in carrying out its responsibilities with respect to trade, to consult with Washington's international marine cargo ports and establish a minimum of three foreign offices by July 1, 2027.
(In support) Washington's economy is dependent on trade. There are a variety of events that could disrupt trade in Washington, including both natural and man-made events. Supply chain issues, geopolitical circumstances, and market developments have changed how Washington businesses operate. This bill will help build economic resiliency. It is important for Washington to protect businesses and the ports that enable trade and create jobs. Washington should increase its presence in international markets and encourage international investment in Washington.
(Opposed) None.
(Other) Supply chains have shifted, and it is important for Washington to protect businesses and the ports that enable trade and create jobs. Washington should increase its presence in international markets and encourage international investment in Washington.