Economy

Need to open more global markets, increase exports: Obama

PTI Washington | Updated on March 19, 2011 Published on March 19, 2011

US President, Mr Barack Obama   -  Business Line

Discussing his trip to Latin America, the US President, Mr Barack Obama today expressed the need to open more global markets and increase exports as a way of expanding the American economy.

The US President is departing today for a five-day trip to Brazil, Chile and El Salvador.

In his weekly address to the nation, Mr Obama said one of the main reasons for his trip the Latin American countries is to strengthen economic partnerships and create good jobs at home.

Latin America is a part of the world where the economy is growing very quickly, he said adding as these markets grow…so does their demand for goods and services.

“The question is where are those goods and services going to come from? As President, I want to make sure these products are made in America. I want to open more markets around the world, so that American companies can do more business and hire more of our people,” he said.

Every $1 billion of goods and services US export supports more than 5,000 jobs in the United States.

“So, the more we sell overseas, the more jobs we create on our shores. That’s why, last year, I set a goal for this country — to double our exports by 2014. And it’s a goal we’re on track to meet,” he said.

“Part of the reason for the rapid growth of Latin America is their openness to American business. We now export more than three times as much to Latin America as we do to China, and our exports to the region will soon support more than two million jobs here in the United States,” Mr Obama said.

“We’ve always had a special bond with our neighbours to the south. It’s a bond born of shared history and values, and strengthened by the millions of Americans who proudly trace their roots to Latin America,” he said.

“But what is clear is that in an increasingly global economy, our partnership with these nations is only going to become more vital. For it’s a source of growth and prosperity — and not just for the people of Latin America, but for the American people as well,” Mr Obama said.

Published on March 19, 2011
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