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My Profile Top News Reuters top ten news stories delivered to your inbox each day. Subscribe You are here: Home > News > Technology > Article Home Business & Finance News U.S. Politics International Technology Internet Entertainment Sports Lifestyle Oddly Enough Health Science Special Coverage Video Pictures Your View The Great Debate Blogs Weather Reader Feedback Do More With Reuters RSS Widgets Mobile Podcasts Newsletters Your View Make Reuters My Homepage Partner Services CareerBuilder Affiliate Network Professional Products Support (Customer Zone) Reuters Media Financial Products About Thomson Reuters U.S. business welcomes Obama export control review Fri Aug 14, 2009 11:32am EDT Email | Print | Share | Reprints | Single Page [-] Text [+] WASHINGTON (Reuters) - U.S. high-technology exporters on Friday welcomed President Barack Obama's decision to undertake a comprehensive review of U.S. export controls rooted in Cold War fears of the former Soviet Union. "The economic and security challenges our country faces continue to grow more complex, and we must have a modern export control system that protects U.S. technology while allowing us to cooperate and trade with our close allies and partners," Marion Blakey, president of the Aerospace Industries Association, said in statement. Many U.S. companies are frustrated by licensing and procedures that limit export sales of commercial high-tech goods that also have military applications. They complain countries such as China can easily buy some of the technology on the open market from other suppliers. Beijing also has pressed Washington to loosen restrictions, arguing that would help close the U.S. trade deficit with China, which reached a record $268 billion last year. "The U.S. has one of the most robust export control systems in the world," White House spokesman Robert Gibbs said on Thursday. "But it is rooted in the Cold War era of over 50 years ago and must be updated to address the threats we face today and the changing economic and technological landscape." That statement accompanied Obama's decision to extend the Commerce Department's emergency authority to continue administering export controls for another year. The 1979 Export Administration Act expired in 2001 and since then Congress has been unable to agree on reforms to replace the highly technical piece of legislation. "Export control reviews are frequently announced, occasionally begun, and never completed. The really good news will be when it is finished," Bill Reinsch, president of the National Foreign Trade Council, said in a statement. Representative Howard Berman, chairman of the House of Representatives Foreign Affairs Committee, has already begun a congressional review of U.S. export controls and plans to introduce reform legislation early next year. (Reporting by Doug Palmer; Editing by John O'Callaghan) © Thomson Reuters 2009 All rights reserved Share: Del.icio.us Digg Mixx Yahoo! Facebook LinkedIn Next Article: Deadline for U.S. broadband grants, loans extended Also on Reuters Blackstone's Schwarzman tops U.S. CEO payroll: study Obama westward bound with healthcare message Late-night wars heat up in countdown to "Leno" More Technology News Microsoft prices Zune HD below iPod U.S. video game sales down 29 percent in July: report Deadline for U.S. broadband grants, loans extended Court slaps ban on some Microsoft Word sales Cisco says it can improve tech, music industry ties More Technology News... Editor's Choice Slideshow A selection of our best photos from the past 24 hours. 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