KAPOLEI, OAHU- President Barack Obama hailed new trade initiatives agreed to during the Asia- Pacific Economic Cooperation summit in Honolulu, saying the agreements will strengthen the economies of all 21 member nations and help create U.S. jobs.
"We agreed to a new set of principles on innovation to encourage the entrepreneurship that creates new businesses and new industries,” Mr. Obama said in a post APEC press conference held in Ko Olina Resort in west Oahu. “With simplified customs and exemptions from certain tariffs, we will encourage more businesses to engage in more trade.”
A release on the White House web site stated APEC leaders had agreed “to adopt market-driven innovation policies, reduce tariffs and eliminate other barriers to trade in environmental goods and services, and improve regulatory environments to reduce unnecessary burdens on businesses.”
The president also pointed to success in forging a broad framework for the Trans-Pacific Partnership, a proposed trading block that would encompass Australia, Brunei Darussalam, Chile, Malaysia, New Zealand, Peru, Singapore, United States, and Vietnam.
Three other APEC nations have expressed interest in joining TPP negotiations, including Japan, which traditionally has protected its agricultural markets from outside competition.
“I am pleased that Japan, Canada, and Mexico have now expressed an interest in this effort,” Obama said while discussing the TPP initiative. “This comes on the heels of our landmark trade agreements with South Korea, Panama and Columbia, which will support tens of thousands of American jobs.”
Despite achieving some of his stated goals during APEC, the president was not without criticism of China. He said Chinese leaders continue to artificially devalue the renminbi by as much as 25 percent, which keeps Chinese exports cheaper and U.S. exports to China more expensive.
“There’s been slight improvement over the last year partly because of U.S. pressure, but it hasn’t been enough,” said the president. It’s time for them to go ahead and move towards a market based system for currency.”
NATIONAL SECURITY
After the president concluded his opening remarks, he was asked about a recent report by the International Atomic Energy Agency that shows Iran continues to conduct research and procurement that could lead to a nuclear bomb.
Despite republican criticism to the contrary, the president said economic sanctions against the Iranian regime are working.
“All our intelligence indicates that Iran’s economy is suffering as a consequence of this and we’re also seeing that Iran’s influence in the region has ebbed,” said Obama.
The president also reiterated his stance that water boarding amounts to torture, saying the U.S. is “better than that.”
During a debate of republican presidential hopefuls Saturday, Rep. Michelle Bachman and businessman Herman Cain said they would reinstate the technique that former President George W. Bush authorized and Obama banned.
JOBS PLAN AND CONGRESS
The president was also asked if he had come to the realization that republicans in the U.S. Congress would continue to thwart key initiatives in his $447 billion jobs plan proposal.
Despite passage by the Senate last week on a measure that would provide up to $9,600 in tax credits to businesses that hire disabled and out-of-work veterans, the president’s legislative package has largely been ignored by GOP leaders. Even some democrats, like Senators Ben Nelson of Nebraska and Jon Tester of Montana, have voted against the president’s initiative.
Mr. Obama reflected on Hawaii’s own budgetary problems as evidence that $35 billion in new stimulus spending is needed to hire teachers or keep those who already have jobs working.
“Here in the state of Hawaii we had a bunch of kids who were going to school four days a week because of budget problems. How are we going to win the competition in the 21st century with our kids going to school basically half of the time?”
The president is scheduled to attend a fundraiser at Disney’s Aulani Resort and Spa at Ko Olina Tuesday morning. On Tuesday he’ll head south of the equator for meetings in Australia and Indonesia.
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See the original article at: KHON2 Local News
