The USA needs to sell in China and India

The U.S.A Must Sell More to China and Inde to Rebuild Economy

November 06, 2010, 1:07 AM

The U.S. must sell more to Asia to help rebuild an economy recovering from its worst recession since the Great Depression, President Barack Obama said in an opinion piece published yesterday in the New York Times.

U.S. companies will announce contracts worth “billions of dollars” in India, said Obama, who said he aims to double exports in five years. The president also said he’ll work to complete a trade agreement with South Korea during his 10-day, four-nation swing through Asia.

Obama’s trip begins days after U.S. voters in midterm elections turned control of the House of Representatives over to Republicans and narrowed the Democratic Party’s Senate majority. The sluggish U.S. economy, a national jobless rate at or above 9.5 percent for 14 consecutive months and a federal budget deficit forecast by the administration to hit $1.4 trillion this year were top issues in the campaign.

“We need to find new customers in new markets for American-made goods,” Obama wrote in the New York Times. “Our government, together with American businesses and workers, must take steps to promote and sell our goods and services abroad — particularly in Asia.”

Obama is visiting India and Indonesia before heading to the G-20 summit in South Korea’s capital, Seoul, and the APEC meeting in Yokohama, Japan. He is joined on his trip in India by a group of chief executives including Jeffrey Immelt of General Electric Co. and Jim McNerney of Boeing Co.

“It is hard to overstate the importance of Asia to our economic future,” Obama wrote. “We want to expand our trade relationships in the region, including through the Trans-Pacific Partnership, to make sure that we’re not ceding markets, exports and the jobs they support to other nations.”

Losing Market Share

The U.S., once the top exporter to South Korea, has dropped to fourth place, the president wrote.

Exports of American goods to Indonesia jumped 47 percent in the first eight months of 2010 from the same period a year ago, he said. Every $1 billion the U.S. exports support more than 5,000 jobs in the nation, he said.

Obama said he will seek to reduce barriers to U.S. exports in India. His three-day stay in that nation will be the longest in a foreign country of his presidency.

India offers a rapidly growing market for U.S. companies, including Bentonville, Arkansas-based retailer Wal-Mart Stores Inc. and Fairfield, Connecticut-based GE, the world’s biggest maker of jet engines, power-plant turbines and locomotives.

India is the U.S.’s 12th-largest trading partner and commerce between the two countries more than doubled to $37 billion in 2009 compared with 2003, according to U.S. Commerce Department data. In the first eight months of 2010, total trade topped $32 billion.

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