Press Conference by the President After G20 Meetings in Seoul Korea.docx
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Press Conference by the President After G20 Meetings in Seoul Korea.docx
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PressConferencebythePresidentAfterG20MeetingsinSeoulKorea
TheWhiteHouse/OfficeofthePressSecretary/ForImmediateReleaseNovember12,2010
PressConferencebythePresidentAfterG20MeetingsinSeoul,Korea
CoexCenter,Seoul,RepublicofKorea
4:
43P.M.KST
THEPRESIDENT:
Goodafternoon,everybody.BeforeIdiscusstheG20,IwanttobrieflycommentontheagreementinIraqthat'stakenplaceontheframeworkforanewgovernment.There’sstillchallengestoovercome,butallindicationsarethatthegovernmentwillberepresentative,inclusive,andreflectthewilloftheIraqipeoplewhocasttheirballotsinthelastelection.
ThisagreementmarksanothermilestoneinthehistoryofmodernIraq.Onceagain,IraqisareshowingtheirdeterminationtounifyIraqandbuilditsfutureandthatthoseimpulsesarefarstrongerthanthosewhowantIraqtodescendintosectarianwarandterror.
Forthelastseveralmonths,theUnitedStateshasworkedcloselywithourIraqipartnerstopromoteabroad-basedgovernment--onewhoseleadersshareacommitmenttoservingallIraqisasequalcitizens.Now,Iraq'sleadersmustfinishthejobofformingtheirgovernmentsothattheycanmeetthechallengesthatadiversecoalitionwillinevitablyface.Andgoingforward,wewillsupporttheIraqipeopleastheystrengthentheirdemocracy,resolvepoliticaldisputes,resettlethosedisplacedbywar,andbuildtiesofcommerceandcooperationwiththeUnitedStates,theregionandtheworld.
Now,hereinSeoul,onceagain,weareverygratefultoourhosts--PresidentLee,andthepeopleofSeoulandSouthKorea--foryourextraordinaryhospitality.
WecametoSeoultocontinuetheworkthathastakenusfromLondontoPittsburghtoToronto.Weworkedtogethertopulltheglobaleconomybackfromcatastrophe.Toavoidtheoldcyclesofboomandbustthatledtothatcrisis,wecommittedourselvestogrowththatisbalancedandsustained,includingfinancialreformandfiscalresponsibility.
Theactionswetookwerenotalwayseasyorpopular.Buttheywerenecessary.Asaresult,theglobaleconomyisgrowingagain.Someeconomies,especiallyemergingeconomies,areexperiencingstrongeconomicgrowth.Tradehasrisen.Jobsarebeingcreated,asintheUnitedStates,wherewe’vehad10consecutivemonthsofprivatesectorjobgrowthandcreatedmorethanonemillionprivatesectorjobsthisyearalone.
Inshort,wesucceededinputtingtheglobaleconomybackonthepathofrecovery--butwealsoknowthattheprogresshasnotcomenearlyfastenough,especiallywhenitcomestomyhighestpriority,whichisputtingAmericansbacktowork.
Norhaveweyetachievedthebalancedglobalgrowththatweneed.Manyadvancedeconomiesaregrowingtooslowlyandnotcreatingenoughjobs.Somecountriesarerunninglargesurpluses,othersrunninglargedeficits.Putsimply,weriskslippingbackintotheoldimbalancesthatcontributedtotheeconomiccrisisinthefirstplaceandwhichthreatenglobalrecovery.
SohereinSeoul,thequestionwaswhetherournationscouldworktogethertokeeptheglobaleconomygrowing.Iknowthecommentarytendstofocusontheinevitableareasofdisagreement,butthefactisthe20majoreconomiesgatheredhereareinbroadagreementonthewayforward--anagreementthatisbasedonaframeworkthatwasputforwardbytheUnitedStates.Andforthefirsttime,wespelledouttheactionsthatarerequired--infourkeyareas--toachievethesustainedandbalancedgrowththatweneed.
First,weagreedtokeepfocusingongrowth.Athome,theUnitedStateshasbeendoingourpartbymakinghistoricinvestmentsininfrastructureandeducation,researchandcleanenergy.Andasaconsequence,oureconomyisgrowingagain-–evenaswemustdomoretoensurethatthatgrowthissustainedandtranslatesintojobsforourpeople.
HereatSeoul,weagreedthatgrowthmustbebalanced.Countrieswithlargedeficitsmustworktoreducethem,aswearedoingintheUnitedStates,wherewe’reontracktocutourdeficitinhalfby2013,andwhereI’mpreparedtomaketoughdecisionstoachievethatgoal.Likewise,countrieswithlargesurplusesmustshiftawayfromunhealthydependenceonexportsandtakestepstoboostdomesticdemand.AsI’vesaid,goingforward,nonationshouldassumethattheirpathtoprosperityispavedsimplywithexportstotheUnitedStates.
Second,weagreedthatexchangeratesmustreflecteconomicrealities.Justasthemajoradvancedeconomiesneedtokeepworkingtopreservestabilityamongreservecurrencies,emergingeconomiesneedtoallowforcurrenciesthataremarket-driven.ThisissomethingthatIraisedyesterdaywithPresidentHuofChina,andwewillcontinuetocloselywatchtheappreciationofChina’scurrency.Allofusneedtoavoidactionsthatperpetuateimbalancesandgivecountriesanundueadvantageoveroneanother.
Third,wetookfurtherstepstoimplementfinancialregulatoryreform.Athome,weareimplementingthetoughestfinancialreformsincetheGreatDepression,andweareexpectingthesamesenseofurgency,ratherthancomplacency,amongourG20partners.HereinSeoulweagreedtonewstandards--similartothosethatwe’vepassedintheUnitedStates--tomakesurethatbankshavethecapitaltheyneedtowithstandshocksandnottakeexcessiverisksthatcouldleadtoanothercrisis.Andweagreedonanapproachtoensurethattaxpayersarenotaskedtopayforfuturebankfailures.
Fourth,weagreedtofocusondevelopmentasakeydriverofeconomicgrowth.TheworkwedidheretodaybuildsonanewdevelopmentpolicythatIannouncedinSeptemberandrecognizesthatthemosteffectivemeansofliftingpeopleoutofpovertyistocreatesustainableeconomicgrowth-–growththatwillcreatethemarketsofthefuture.Wealsoagreedonanactionplantocombatcorruption,whichinsomecountriesisthesinglegreatestbarriertoeconomicprogress.
Finally,wereaffirmedtheneedtoavoidprotectionismthatstiflesgrowthandinsteadpursuetradeandinvestmentthroughopenmarkets.That’swhy,forexample,wewillcontinuetoworktowardsaU.S.-Koreafreetradeagreementinthecomingweeks--notjustanyagreement,butthebestagreementtocreatejobsbothinAmericaandKorea.
Andthat'swhyIspokeveryfranklytomyG20partnerstodayabouttheprospectsoftheDohaRound.Forjustasemergingeconomieshavegainedagreatervoiceatinternationalfinancialinstitutions--inpartbecauseoftheworkwe'vedonehereattheG20--so,too,musttheyembracetheirresponsibilitiestoopenmarketstothetradeandinvestmentthatcreatesjobsinallourcountries.
So,again,IwanttothankourSouthKoreanhostsforaverysuccessfulsummit.Iwanttothankmyfellowleadersfortheirpartnership.HereinSeoul,we’velaidoutthestepswemusttaketorealizethebalancedandsustainedgrowththatweneed.Andnowandinthedaysahead,thesearethecommitmentsthatwe’regoingtohavetomeet.
Sowiththat,letmetakeafewquestions.AndI’llstartoffwithJuliannaGoldmanofBloomberg.
QThankyou,Mr.President.AquestionontheSouthKoreafreetradeagreement.IfU.S.concernsonautosandbeefaren’tadequatelyaddressedoverthenextfewweeks,atthatpointwoulditbebettertojusthavenodealatall?
THEPRESIDENT:
Well,I’vealwayssaidthatI’mnotinterestedinsigningatradeagreementjustforthesakeofanannouncement.I’minterestedintradeagreementsthatincreasejobsandexportsfortheUnitedStates,andhopefullyalsoincreaseopportunitiesforourtradingpartners.IthinkthatisachievablebetweentheUnitedStatesandKorea.
Butthewholeissueherefrommyperspective,andhasalwaysbeenoverthelastcoupleofyears,isdowehaveadealthatworksforus?
That’smyfirstobligation.PresidentLee’sobligationobviouslyistomakesureitworksforKorea.Ithinkwecangetawin-win,butitwasimportanttotaketheextratimesothatIamassuredthatitisawinforAmericanworkersandAmericancompaniesaswellasforKoreanworkersandKoreancompanies,becauseI’mtheonewho’sgoingtohavetogotoCongressandsellit.
Andfrommyperspective,again,I’mnotinterestedinaannouncementbutthenanagreementthatdoesn’tproduceforus.We’vehadalotofthoseinthepast--alotofannouncementsbut,atthesametime,weseeAmericanmanufacturingdeteriorateand,asaconsequence,alotofconcernbackhome.Andunderstandably,Ithinkthere’salotofsuspicionthatsomeofthesetradedealsmaynotbegoodforAmerica.IthinkthisonecanbebutIwanttomakesurethatwhenIpresentthattradeagreementtoCongressIamabsolutelyconfidentthatwe’vegotthekindofdealthatisgoodforbothcountries.
DanLothianofCNN.
QThankyou.AfterthemidtermelectionsyousaidthatyouwereopentocompromiseontheBushtaxcuts.I’mwonderingifyou’repreparedtodaytosaythatyou’rewillingtoacceptatemporaryextensionforthewealthiestAmericans?
Andthenonanunrelatedquestion,doyoufeelthattheelectionhasweakenedyouontheglobalstage?
THEPRESIDENT:
Theanswertothesecondquestionisno.Ithinkwhatwe’veseenoverthelastseveraldaysaswe’vetraveledthroughAsiaisthatpeopleareeagertoworkwithAmerica,eagertoengagewithAmericaoneconomicissues,onsecurityissues,onawholerangeofmutualinterests.Andthat’sespeciallytrueinAsia,whereweseesuchenormouspotential.Thisisthefastest-growingpartoftheworld.Andwe’vegottobehereandwe’vegottowork.AndI’mabsolutelyconfidentthatmyadministrationoverthenexttwoyearsisgoingtocontinuetomakeprogressinensuringthattheUnitedStateshasapresenceherenotjustforthenextcou
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