Obama highlights export in his Asia trip

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Obama highlights export in his Asia trip

09:47, November 07, 2010      

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U.S. President Barack Obama on Saturday emphasized export as a top priority of his ongoing Asia trip to India, Indonesia, South Korea and Japan, saying that Asia was important to the U.S. growth.

"It is hard to overstate the importance of Asia to our economic future," Obama wrote in an article entitled "Exporting Our Way to Stability", which was published by the New York Times on Saturday. "Asia is home to three of the world's five largest economies, as well as a rapidly expanding middle class with rising incomes."

During the trip, Obama will also participate in two summit meetings, including the Group of 20 (G20) meeting in Seoul and the Asia-Pacific Economic Cooperation (APEC) meeting in Japan. He said both summits would focus on economic growth.

Under pressure to reignite the fast growth engine which is seen as essential to bring down the high unemployment rate, hovering around double digits, Obama is eagerly seeking new markets for U.S. products.

The U.S. Democrats just lost its control of the House of Representatives in the Congressional midterm election on Tuesday.

Obama said that expanding exports would help the U.S. create jobs within the country.

"Every 1 billion dollars we export supports more than 5,000 jobs at home." he said.

"We want to be known not just for what we consume, but for what we produce," he added.

Earlier this year, Obama set a goal of doubling America's exports in the next five years. He said, "we need to find new customers in new markets for American-made goods. And some of the fastest-growing markets in the world are in Asia, where I'm traveling this week."

Obama also noted that the U.S. was facing the challenge of protectionism domestically.

"It can be tempting, in times of economic difficulty, to turn inward, away from trade and commerce with other nations," he said, "But in our interconnected world, that is not a path to growth, and that is not a path to jobs. We cannot be shut out of these markets."

"Our government, together with American businesses and workers, must take steps to promote and sell our goods and services abroad - particularly in Asia. That's how we'll create jobs, prosperity and an economy that's built on a stronger foundation."

The U.S. economy, which grew at a pace of 2 percent in the third quarter after a 1.7 percent increase in the previous quarter, is not expected to grow quickly in the coming year. And economists project that the U.S. unemployment will remain at about 9 percent in 2011.

Source: Xinhua

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