WASHINGTON: President Barack Obama pledged Wednesday to double US exports in five years and boost commerce with South Korea, Panama and Colombia, but stopped short of urging Congress to pass trade pacts.
MAIDEN ADDRESS: Obama speaks to both houses of Congress during his first State of the Union address at the US Capitol in Washington, DC. Since taking office a little over a year ago, Obama’s approval ratings have dropped significantly according to recent polls. — AFP photo
“Tonight, we set a new goal: We will double our exports over the next five years, an increase that will support two million jobs in America,” Obama said in the annual State of the Union address to a joint session of Congress.
Obama told legislators he was setting up an initiative to help farmers and small businesses increase their exports to meet the goals.
Obama said the United States also “will strengthen our trade relations in Asia and with key partners like South Korea, Panama, and Colombia” but did not explicitly call for Congress to ratify trade treaties with the three countries.
Key members of the Democratic Party — including Obama himself while he was a senator — and their supporters in organised labour have been skeptical of the three pacts, which were negotiated under previous president George W Bush.
The Obama administration has been pushing South Korea to give further concessions to US automakers, who have been ailing at home and have struggled to penetrate Asia’s fourth largest economy.
The deal with South Korea would be the largest trade pact for the United States since the 1994 North American Free Trade Agreement (Nafta) with Mexico and Canada.
Obama warned Congress that the United States risks being left behind other countries including fast-growing China and India if it does not implement some of his key priorities, including working towards a new green economy and investing in education.
“China’s not waiting to revamp its economy. Germany’s not waiting. India’s not waiting,” Obama said.
“These nations aren’t playing for second place,” he said.
“Well, I do not accept second-place for the United States of America,” Obama said, in a line that drew unanimous applause from lawmakers. — AFP