The President is in Asia promoting the National Export Initiative, an ambitious plan to help grow our way out of economic disaster by doubling our exports by the end of 2014. In the first video, Austan Goolsbee, Chairman of the Council of Economic Advisers, talks about the importance of exports in the Obama Administration’s growth strategy.
In the next two videos, the President discusses the opportunities for American economic growth in increased exports and in cooperation with India, which he predicts will be "one of the defining partnerships of the 21st century."
White House White Board: The President in Asia & the National Export Initiative
Summation of white board presentation: In the last decade, the U.S.’s growth focus was almost on borrowing and spending in the United States – increasing our own consumption. Most other big economies were putting greater focus on exporting to others.
The President is in Asia promoting the National Export Initiative, which is an ambitious goal for the U.S. to grow its export share over the next five years. The intention of the NEI that the President has outlined is that by the end of 2014 we would double 2009’s exports of goods and services ($1.57 trillion to $3.14 trillion). It would be the biggest increase any country has ever had.
On a level playing field, we can compete with any other country. That is why the President is in Asia. 95% of the customers in the world are not in the United States. The plan is to grow our way out of our economic problems, and exports will be an important component of it.
"For that, all patriotic Americans can agree. For the American economy has never taken a back seat to anybody, and we are not about to start now."
Business Summit in Mumbai
President Obama addresses the U.S.-India Business Council Summit and announces new proposals to help encourage trade between the U.S. and India. November 6, 2010.
.... As we look to India today, the United States sees an opportunity to sell our exports in one of the fastest-growing markets in the world. For America, this is a jobs strategy. As we recover from this recession, we are determined to rebuild our economy on a new, stronger foundation for growth. And part of that foundation involves doing what America has always been known for: discovering and creating and building the products that are sold all over the world. That’s why I’ve set a goal of doubling America’s exports over the next five years -– because for every $1 billion in exports, thousands of jobs are supported at home.
And already, our exports to India have quadrupled in recent years -– growing much faster than our exports to many other countries. The goods we sell in this country currently support tens of thousands of manufacturing jobs across the United States -– from California and Washington to Pennsylvania and Florida. And that doesn’t even include all the American jobs supported by our other exports to India -– from agriculture to travel to educational services.
As we speak, American-made machinery is helping India improve its infrastructure, including the new airport here in Mumbai where I landed this morning. This year, there was a new sight on India’s highways -– American-made Harley-Davidson motorcycles. (Laughter.) A growing number of American-made aircraft are taking flight in your skies. And soon, there will be more.
That’s because today, just moments before I arrived here, several landmark deals were sealed between the United States and India. Boeing, one of America’s largest companies, is on track to sell India dozens of commercial and cargo aircraft. General Electric, another American company, will sell more than a hundred advanced jet engines. And I’m pleased that two U.S. firms are finalists for a major locomotive tender. Now, these are just a few of the more than 20 deals being announced today, totaling nearly $10 billion in U.S. exports. (Applause.)
From medical equipment and helicopters to turbines and mining equipment, American companies stand ready to support India’s growing economy, the needs of your people, and your ability to defend this nation. And today’s deals will lead to more than 50,000 jobs in the United States -- 50,000 jobs. (Applause.) Everything from high-tech jobs in Southern California to manufacturing jobs in Ohio.
Now, these are major deals that are significant for both our nations. But our trade relationship is not just about what America sells India. It’s also about Indian investment in America is doing. Indian investment in America is among the fastest growing of any country. In recent years, Indian companies have invested billions of dollars in the United States -- in American machinery, manufacturing, mining, research, technology. Today, these investments support tens of thousands of American jobs.
And at the same time, hundreds of American companies -- including many small businesses -- are investing in India; not just in telecommunications, but in industries from clean energy to agriculture. This means more choices for Indian consumers and more jobs for Indians and Americans....
President Obama and Prime Minister Singh Press Availability
President Obama and Prime Minister Singh of the Republic of India host a joint press availability after meeting in New Delhi. November 8, 2010.
As I've said throughout my visit, I have come to India because I believe that the relationship between the United States and India is indispensable to addressing the challenges of our time -- from creating economic opportunity for our people to confronting terrorism and violent extremism; from preventing the spread of nuclear weapons to addressing climate change; from the development that gives people and nations a path out of poverty to advancing human rights and values that are universal. None of this will be possible without strong cooperation between the United States and India.
Moreover, as Prime Minister Singh alluded to, ours is no ordinary relationship. As the world’s two largest democracies, as large and growing free market economies, as diverse, multiethnic societies with strong traditions of pluralism and tolerance, we have not only an opportunity but also a responsibility to lead.
And that’s why I believe that the relationship between the United States and India will, in fact, be one of the defining partnerships of the 21st century. That’s why I've worked with the Prime Minister, a man of extraordinary intellect and great integrity, to deepen and broaden the cooperation between our two countries. And I very much look forward to addressing the Indian Parliament and the people of India later today to discuss how the United States and India can take our partnership to the next level, with a vision of how we can work together as global partners.
With the progress we’ve made today, we’re seeing just how broad and deep our cooperation can be. As President, I've had the opportunity to appear with many of my foreign counterparts at press conferences such as this, but I cannot remember an occasion when we have agreed to so many new partnerships across so many areas as we have during my visit.
We’ve expanded trade and investment to create prosperity for our people. The major trade deals that were signed in Mumbai were an important step forward in elevating India to one of America’s top trading partners. Today I'm pleased to welcome India’s preliminary agreement to purchase 10 C-17 cargo planes, which will enhance Indian capabilities and support 22,000 jobs back in the United States.
We agreed to reform our controls on exports, and the United States will remove Indian organizations from the so-called "entity list," which will allow greater cooperation in a range of high-tech sectors like civil space and defense. And we agreed to keep working to reduce trade barriers and resist protectionism....