Obama to Watch China's Currency, Keep Working for "Best" KORUS FTA
At a press conference following the November 11-12, 2010 G20 summit in Korea, President Obama stated that the countries agreed that exchange rates must reflect economic realities. President Obama stated that he raised raised the issue of the need for emerging economies to allow for currencies that are market-driven with President Hu of China, and the U.S. will continue to closely watch the appreciation of China’s currency.
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President Obama stated that the G20 countries also agreed that growth must be balanced. Countries with large surpluses must shift away from unhealthy dependence on exports and take steps to boost domestic demand. The President emphasized that nation should assume that their path to prosperity is paved simply with exports to the U.S.
Finally, President Obama stated that the G20 countries reaffirmed the need to avoid protectionism that stifles growth and instead pursue trade and investment through open markets and the U.S. will continue to work towards a U.S.-Korea (KORUS) free trade agreement in the coming weeks -- not just any agreement, but the best agreement to create jobs both in the U.S. and Korea.