Asia-Pacific

Obama: Asia Pacific fundamental to America's thrive

(Xinhua)
Updated: 2010-03-12 03:01

WASHINGTON - US President Barack Obama said on Thursday that the Asia Pacific will be fundamental to America's ability to create jobs and to thrive in the 21st century.

"We cannot be on the sidelines, we have to lead, and our engagement must extend to governments, business, and peoples across the Pacific," said Obama in a speech at the Export-Import Bank's annual conference, adding he will visit Indonesia and Australia next week.

"In both countries, I will highlight the role that American business plays there, and underscore how strong economic partnerships can create jobs on both sides of the Pacific while advancing regional and global prosperity," said the US president.

During the speech, he reaffirmed a goal of doubling America's exports over the next five years, an increase that will support two million American jobs.

"In a time when millions of Americans are out of work, boosting our exports is a short-term imperative," said Obama. "In 2008, we exported more than one trillion dollars of manufactured goods, supporting more than one in five manufacturing jobs jobs that pay about 15 percent more than average."

He also stressed boosting the trade is also critical for the US long-term prosperity.

"Ninety-five percent of the world's customers and the world's fastest-growing markets are outside our borders. We need to compete for those customers. Because other nations are," he said.

He warned that other countries are investing in the skills and education of their people, in the high-demand industries of the future.

"They've benefited from American consumers, made themselves into export-based economies, and positioned themselves for those jobs," said Obama.

Moreover, these countries are pursuing trade agreements with growing markets agreements that would give their companies access to those markets and put our workers and businesses at a disadvantage, said the president.

"If we stand on the sidelines while they go after those customers, we'll lose out on the chance to create the good jobs our workers need right here in America," he said.

"When other markets are growing, and other nations are competing, we need to get even better. We need to secure our companies a level playing field. We need to guarantee American workers a fair shake. We need to up our game," Obama vowed.

Earlier Thursday, Obama signed an executive order which will create an Export Promotion Cabinet.

The cabinet was made up of the Secretaries of State, Treasury, Agriculture, Commerce and Labor, along with our US Trade Representative, Small Business Administrator, the Export-Import Bank President, and other senior US officials whose work impacts exports.

"That cabinet will convene its first meeting next month," said Obama. "I've also re-launched the President's Export Council; the principal national advisory committee on international trade."