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MAKING IMPORTS CREATES JOBS AT HOME.

AT005 /From PR Newswire in Atlanta at 404-523-2323/
 MAKING IMPORTS CREATES JOBS AT HOME
 ATLANTA, March 20 /PRNewswire/ -- Larry Richardson recently bought a set of furniture made in the Philippines at a Portside Imports store in Atlanta.
 By doing so, Larry helped the 3M Company sell Scotch tape(TM) and other U.S. products in the Philippines. When wicker furniture from China is ordered through the Sears catalog, it helps the export of U.S.-made products to China. How can buying imports help to sell U.S. products overseas? The answer is by linking imports to exports. This process of linkage is called "countertrade" and is widely accepted in most countries of the world. But few in the U.S.A., other than large multinationals like Lockheed and General Electric, practice countertrade.
 These examples of countertrade with the Philippines and China are happening now because seven years ago Bill Mallory, an importer in Atlanta, saw what was happening to the U.S. economy from imports and decided to do something about it. He found a U.S. manufacturer, the 3M Company, and arranged to give them credit for some of his foreign purchases which, in turn, allowed them to sell more of their products overseas.
 The countertrade Mallory and 3M practice is just a sophisticated version of a centuries-old type of barter used in trading between countries. The principle involves the exchange of U.S.-made goods for foreign-made goods, much like skins were traded for food during the pioneer days in this country.
 Mallory sees the use of the countertrade principle as a great opportunity to reduce this country's balance of payments deficit and increase jobs here.
 He said: "This country is blind to the greatest export builder we could ask for, imports. The U.S.A. will import half-a-trillion dollars of manufactured goods this year."
 How can the American consumer determine whether a product is linked to a U.S. export? Mallory does it with tags. A tag or label saying countertrade linkage is put on the items he imports.
 Underwriters Laboratories, which monitors the electrical industry, taught consumers to look for the "U/L" tag when buying electrical items. Mallory wonders why couldn't a private organization, like U/L, be formed to promote countertrade and provide foreign buyers of U.S. goods with similar tags?
 "Suddenly, the half-trillion dollars we spend yearly on imports will be used to encourage foreign manufacturers to buy U.S. products or help the U.S.A. find buyers in their country," he said.
 "The beauty of this approach is, it leaves the government out, lets the U.S. consumer buy the best item whether imported or made in the U.S.A., and allows Americans to say to other countries, 'We will keep buying your products, but we expect you to buy ours.' That's not protectionism, it's partnership, and that's just plain common sense."
 As he said, "Money talks and a half-trillion-dollar message would be heard all over the world."
 -0- 3/20/92
 /CONTACT: Bob Campbell of J.W. Mallory & Associates, 404-252-3637/ CO: J.W. Mallory & Associates ST: Georgia IN: SU:


BR-BN -- AT005 -- 0187 03/20/92 15:28 EST
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Publication:PR Newswire
Date:Mar 20, 1992
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