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Saturday
Nov062010

President Obama Announces Trade Deals with India

Photo Courtesy - ABC News(MUMBAI, India) -- President Obama announced Saturday business deals between U.S. and Indian companies totaling near $10 billion in U.S. exports, which the White House has said will lead to more than 50,000 American jobs.

“We can do much better,” Obama said, “today I am pleased to announce that we will work with India to fundamentally reform our controls on exports which will allow greater cooperation in a range of high tech sectors and strengthen our non proliferation efforts.”

President Obama said that the “old stereotypes” of Americans viewing India as a land of call-centers, and Indians viewing American companies as a threat ignores today’s reality.

“We don’t simply welcome your rise as a nation and a people. We ardently support it. We want to invest in it,” Obama said at the U.S.-India Business Council Summit in Mumbai, calling increasing trade and investment between the two countries a “win-win” proposition for both.

“There are many Americans whose only experience with trade and globalization has been a shuddered factory or a job that was shipped overseas.”

But the president’s visit – his longest to any one single country of his presidency – aims to remedy just that that perception.

“In 2010 trade between our countries is not just a one way street of American jobs and companies moving to India. It is a dynamic two-way relationship that is creating jobs, growth and higher living standards in both our countries.”

Relating this strategy back to the domestic concerns over the economy largely expressed in the outcome of Tuesday’s election, Obama said that selling exports in India, one of the fastest growing markets in the world is really a “jobs strategy,” for America.

Copyright 2010 ABC News Radio







ABC News Radio