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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Search Search: U.S. business welcomes Obama export control review Reuters - Saturday, August 15 WASHINGTON - 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. ADVERTISEMENT "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. Email Story IM Story Printable View Blog This Sign in to recommend this article » 0 users recommend Related Articles: Technology Google users search more, very loyal: comScoreReuters - 2 hours 4 minutes ago U.S. business welcomes Obama export control reviewReuters - Saturday, August 15 IE 8 is Microsoft's champion in browser warsAFP - Friday, August 14 U.S. video game sales down 29 percent in July: reportReuters - Friday, August 14 Microsoft courts Macintosh business crowdAFP - Friday, August 14 Most Popular – Technology Viewed Burglars steal $15m from Saudi princess Millions of salmon fail to turn up in Canada US study uncovers powerful anti-cancer compound Sweden's Princess Madeleine to marry: palace Rare flowering of Chinese tree in Belgium View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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