In a move that's welcome news for U.S. exporters, the White House announced an initiative to review the U.S. export control system, including both the dual-use and defense trade processes.The aim of the review is to consider reforms to the system to "enhance the national security, foreign policy, and economic security interests of the United States," White House Press Secretary Robert Gibbs said in a statement.

"The U.S. has one of the most robust export control systems in the world," Gibbs said. "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."

President Obama also again extended by a year the basis for U.S. dual-use export controls, the Export Administration Act. The Export Administration Act expired in 1994, was extended briefly in 2000, and has been kept in force through the authority of the International Emergency Economic Powers Act.

House Foreign Affairs Committee Chairman Howard Berman (D-Calif.), lauded news of the review, which he called "years overdue."

"Effective export controls are critical to U.S. national security, but they must be responsive to the challenges of the modern globalized world," Berman said.

Marion Blakey, president and CEO of the Aerospace Industries Association also applauded the news, which she called a "very welcome development."

"While license processing times have improved over the last year and a half, there is much more that can and should be done to modernize the system," she said.

While it's good news for exporters, Doug Jacobson, a partner in the law firm Sandler, Travis & Rosenberg who specializes in export law matters, notes, that, "This is just the tip of the iceberg."

"It's a very long process, so this won't have any practical impact on U.S. exporters for a long time—probably a year or longer," he tells Compliance Week. "There are a lot of competing interests that still need to be balanced. That's why we've been in this holding pattern since 2001."

"For companies who have concerns from both a compliance and sales perspective, this is a good opportunity to play a role in the process," says Jacobson. "Hopefully, the administration will take the views of industry seriously."

Meanwhile, Berman launched a congressional review of U.S. export controls on dual-use items that have both commercial and military applications and said he plans to introduce a new Export Administration Act next year that will overhaul the dual-use export control system.