New Jersey § 34:1b-63

§ 34:1b-63.

The Legislature finds and determines that: a. The rapid change in global political and economic events and the effects thereof

on the economy of the United States in general, and New Jersey in particular, require

this State to expand its role in the promotion of international trade and the exportation

of New Jersey products and services; b. Businesses located in this State currently export approximately $8 billion in goods

and services, and increased promotion of the exportation of products produced by New

Jersey businesses has been shown to have a positive effect upon the overall economy

by creating new jobs, promoting market diversification, aiding in the development

of new product ideas and sources of supply, and expanding the market share of local

businesses; c. The New Jersey Economic Development Authority should provide increased financial

assistance to small- and medium-sized businesses located in New Jersey which may have

difficulty commencing or enhancing their export activities due to limitations on the

availability of loan funds from financial institutions, and the existing export working

capital loan and loan guarantee program of the authority should be further supplemented; d. The activities of the State in promoting the export of New Jersey goods and services

in the global marketplace have taken on greater significance in light of the possible

approval by the United States Congress of federal implementing legislation for the

North American Free Trade Agreement (NAFTA) with Canada and Mexico, the continuing

negotiations on the General Agreement on Tariffs and Trade (GATT), Uruguay Round of

Multi-Lateral Trade Negotiations, and the rapid progress toward European Community

integration, which will provide new opportunities for American businesses to engage

in fair competition in service markets of foreign countries; e. In light of the European Community's program to establish a single internal market

having largely been accomplished, with over 90% of the regulations having been adopted

to remove trade barriers and other restrictions on the movement of goods, services

and capital within the 12 European Community countries, the European Community markets

offer dramatically increased opportunities for export trade by New Jersey firms; f. The State's export trade with Mexico can be further enhanced through increased

emphasis on the export potential of the State's industrial sector in the fields of

analytical and laboratory equipment, electronics, plastics, health and medical equipment,

high-tech industries and transfer of technology to the manufacturing sector; g. The emergence of new export markets in the republics of the former Soviet Union

provides increased opportunities for New Jersey firms to export products and services

that are in high demand in these areas, especially in the fields of environmental

technology, pharmaceuticals, medical technology, food processing and telecommunications;

and h. Given the importance to New Jersey of exporting more of the State's goods and services

to foreign markets, it is in the public interest to establish a supplemental program

with the active participation of New Jersey banks to offer New Jersey businesses export

finance assistance for fixed asset needs or loans for working capital, to authorize

the Economic Development Authority to solicit the participation of certain financial

institutions in support thereof, to utilize moneys made available for such purposes

pursuant to the “Economic Recovery Fund Act,” and other programs administered by the

authority, and to thereby promote New Jersey's role in the expanding global marketplace.