Yesterday, U.S. Secretary of Commerce Penny Pritzker joined Polish Deputy Prime Minister and Minister of Economy Janusz Piechociński in co-chairing an Executive Session of the Economic and Commercial Dialogue (ECD). The ECD is a forum created by the U.S. Department of Commerce and the Polish Ministry of Economy to work specifically on strengthening the ability of our companies and investors to do business in each other's markets. Secretary Pritzker is traveling with a delegation of some of America's top CEOs who are members of the President's Export Council.             

At yesterday's meeting, Secretary Pritzker and the PEC CEOs addressed collaborative and tangible ways to increase trade and investment between the U.S. and Poland, particularly as Poland's economy continues to grow. Poland currently has the sixth-largest and one of the fastest growing economies in the EU, and growth is projected to continue in 2014. While bilateral trade between the U.S. and Poland has quadrupled over the past 10 years, reaching nearly $8.8 billion in 2013, there is tremendous opportunity for continued growth.

One mechanism to increase trade and investment between the U.S. and Poland is the Transatlantic Trade and Investment Partnership (TTIP), which is currently being negotiated between the United States and the EU. Once concluded, TTIP will combine the U.S. and EU markets into a stronger transatlantic marketplace, with more than 800 million customers. The U.S. considers Poland an important voice in TTIP negotiations. 

The group also discussed how the United States can serve as a partner in support of innovation in Poland. The Department of Commerce is America's "innovation agency," and helps build an innovation ecosystem in the United States by supporting a strong patent system, making investments in regional business incubators and science parks, expanding access to broadband, developing technology standards, and building entrepreneurship programs. The Polish government has made the promotion of innovation a top priority, and the United States is well-positioned to serve as a partner in their efforts by sharing best practices and engaging our private sector leaders. Poland will be receiving a total of $106 billion in funds from the European Union by 2020, and has plans to invest about 70 percent of those funds in promoting innovation. 

Secretary Pritzker also urged increased Polish Investment into the United States and encouraged the Deputy Prime Minister to recruit a large, robust Polish company delegation to attend the next SelectUSA Summit in Washington, DC.  SelectUSA is a program run by the Department of Commerce that seeks to attract foreign direct investment in the United States by highlighting the many competitive advantages America offers as a place to do business. 
 
Following her trip to Poland, Secretary Pritzker will conclude her mission in Turkey, another high-potential, fast-growing market. Later this year, members of the PEC will produce a report on their findings from the mission, which will be presented to President Obama. Eight PEC members – including Vice Chair Ursula Burns, Chairman and CEO of Xerox Corporation – are joining Secretary Pritzker and Under Secretary of Commerce for International Trade Stefan M. Selig on the mission.