President Obama Looks Forward To Expanding Exports During Asia Trip
Washington, D.C., United States (AHN) – The Obama Administration is preparing to promote exports with “Made in America” brand from manufacturing sector during the upcoming presidential trip to Asia, officials told journalists on Monday.
During his trip to Asia later this week, President Barack Obama would concentrate on opening up new markets for American goods and strengthen U.S. economy at home, the officials stressed.
Mike Froman, Deputy National Security Advisor for International Economic Affairs Mike said, “We don’t have a planned economy. But we have a very globally competitive manufacturing service and agricultural sectors. And we’ll be looking to export from each of those.”
Noting that the U.S. has “some of the leading companies in the world,” and “some of the premier services companies in the world,” along with an efficient agriculture sector, Froman said, “So in all areas of our economy, we hope to expand exports to a fast-growing market like India.”
According to the White House sources there are a number of commercial tie-ups in the making and would get finalized during the visit, forging a much wider trade deal between India and the U.S.
Froman noted that, “this is the fourth G20 that President Obama will be attending,” adding, “As in the case of London, Pittsburgh and Toronto, the agenda is a broad one and covers not only the management of the economic crisis but laying the foundation for the post-crisis global economy.”
Froman reiterated the focus on exports and job-creation back in the U.S. saying, “This agenda is critical to our economy back here at home, to our recovery and our ability to increase exports and create well-paying jobs here at home.”
At the briefing, Lael Brainard, U.S. Department of the Treasury’s Under Secretary for International Affairs outlined “the core areas of our economic agenda for the G20 summit in Seoul.”
“President Obama remains intensely focused on promoting economic growth, to create job opportunities for our workers, and export opportunities for our small businesses, our manufacturers, our farmers and our service providers,” Brainard said.
Replying to a question on ongoing global controversy over China keeping its currency artificially low, Froman said, “We do not expect the China currency issue or the imbalance issue to be solved once and for all in Seoul,” reiterating, “This is an ongoing effort, not something that would be resolved once and for all by leaders in Seoul.”
On the question of IMF reforms, Brainard predicted that during “an accelerated review both of the formula and of quota shares in 2014,” there would be a chance to give “greater weight to countries’ share of income in the world economy as part of that review.”
Froman also addressed the agenda of APEC, a group of 21 economies, that will be held in Yokohama, calling it “the primary forum for economic integration discussions in the Asia Pacific.”
“That is vital — that region and further economic integration, trade liberalization in Asia Pacific is vital to our own interests and our ability to export more and grow our economy here at home,” he said.
There would be a review of “the status of the trade liberalization measures that have been underway for the last 15 years and we’ll be laying the foundation for next year when the U.S. hosts APEC in November 2011 in Honolulu,” added Froman.
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