President Obama at the G-20 Summit in Seoul

Posted by DipNote Bloggers
November 12, 2010
President Obama at the G20 Summit in Seoul

On November 12, President Obama gathered with world leaders for the G-20 Summit in Seoul, South Korea. The President described some of the higlights in his remarks at a press conference in Seoul. He said:

"...So here in Seoul, the question was whether our nations could work together to keep the global economy growing. I know the commentary tends to focus on the inevitable areas of disagreement, but the fact is the 20 major economies gathered here are in broad agreement on the way forward -- an agreement that is based on a framework that was put forward by the United States. And for the first time, we spelled out the actions that are required -- in four key areas -- to achieve the sustained and balanced growth that we need.

"First, we agreed to keep focusing on growth. At home, the United States has been doing our part by making historic investments in infrastructure and education, research and clean energy. And as a consequence, our economy is growing again -- even as we must do more to ensure that that growth is sustained and translates into jobs for our people.

"Here at Seoul, we agreed that growth must be balanced. Countries with large deficits must work to reduce them, as we are doing in the United States, where we're on track to cut our deficit in half by 2013, and where I'm prepared to make tough decisions to achieve that goal. Likewise, countries with large surpluses must shift away from unhealthy dependence on exports and take steps to boost domestic demand. As I've said, going forward, no nation should assume that their path to prosperity is paved simply with exports to the United States.

"Second, we agreed that exchange rates must reflect economic realities. Just as the major advanced economies need to keep working to preserve stability among reserve currencies, emerging economies need to allow for currencies that are market-driven. This is something that I raised yesterday with President Hu of China, and we will continue to closely watch the appreciation of China's currency. All of us need to avoid actions that perpetuate imbalances and give countries an undue advantage over one another.

"Third, we took further steps to implement financial regulatory reform. At home, we are implementing the toughest financial reform since the Great Depression, and we are expecting the same sense of urgency, rather than complacency, among our G20 partners. Here in Seoul we agreed to new standards -- similar to those that we've passed in the United States -- to make sure that banks have the capital they need to withstand shocks and not take excessive risks that could lead to another crisis. And we agreed on an approach to ensure that taxpayers are not asked to pay for future bank failures.

"Fourth, we agreed to focus on development as a key driver of economic growth. The work we did here today builds on a new development policy that I announced in September and recognizes that the most effective means of lifting people out of poverty is to create sustainable economic growth -- growth that will create the markets of the future. We also agreed on an action plan to combat corruption, which in some countries is the single greatest barrier to economic progress.

"Finally, we reaffirmed the need to avoid protectionism that stifles growth and instead pursue trade and investment through open markets. That's why, for example, we will continue to work towards a U.S.-Korea free trade agreement in the coming weeks -- not just any agreement, but the best agreement to create jobs both in America and Korea.

"And that's why I spoke very frankly to my G20 partners today about the prospects of the Doha Round. For just as emerging economies have gained a greater voice at international financial institutions -- in part because of the work we've done here at the G20 -- so, too, must they embrace their responsibilities to open markets to the trade and investment that creates jobs in all our countries."

You can read the President's full remarks here. You can find photographs of and more information and fact sheets about the G-20 on the White House Blog.

Comments

Comments

palgye
|
South Korea
November 13, 2010

Palgye in South Korea writes:

Dear to,

South Korea and the United States has been the conclusion of the FTA negotiations as soon as possible. Need help I think.

PS: I was in Seoul for a few days ago, will become a peaceful demonstration in the field continues to convey the story I wanted to thank you.

and, Peace in Myanmar and would like to travel for business or would like to hope. If you would be free to support someone wishes also would like comfortable.

Thank You.

public33
November 14, 2010

P. writes:

Europe needs Federal Police and Immigration and custom enforcement offices to be opened right away otherwise it will be impossible to stop the crisis which is generated by corruption...

NOW OPEN THOSE OFFICES NOW

The White House

Office of the Press Secretary

For Immediate Release November 12, 2010 G-20: Fact Sheet on a Shared Commitment to Fighting Corruption
Today, the President joined other G-20 leaders in releasing a comprehensive Action Plan to strengthen anti-corruption efforts worldwide. With this initiative, the G-20 signaled its commitment to fighting corruption in the public and private sectors and ensuring that corrupt officials cannot access our financial institutions or find safe haven in our countries.

The G-20’s agenda is built around three pillars: (1) a common approach to building an effective global anti-corruption regime, the principles of which are enshrined in the provisions of the UN Convention against Corruption (UNCAC); (2) specific commitments to show collective leadership by taking action in high priority areas that affect our economies; and (3) a commitment to directly engaging our private sector stakeholders in the development and implementation of innovative and cooperative practices in support of a clean business environment.

The United States believes that the central challenge in driving forward this agenda is not in figuring out what needs to be done. The UNCAC, the Anti-Bribery Convention, and the Financial Action Task Force, among other instruments, outline the necessary steps and set in place clear and high standards. Our collective challenge is to summon the political will to embrace these instruments and standards, strengthen them where appropriate, but most importantly take actions to effectively implement them. This is why the Action Plan endorsed by the G-20 today is so important.

Under the Action Plan, G-20 Leaders agreed to lead by example in key areas, including: to accede or ratify and effectively implement the UNCAC and promote a transparent and inclusive review process; adopt and enforce laws against the bribery of foreign public officials; prevent access of corrupt officials to the global financial system; consider a cooperative framework for the denial of entry to corrupt officials, extradition, and asset recovery; protect whistleblowers; and safeguard anticorruption bodies.

U.S. Leadership to Combat Corruption

The G-20 Action Plan builds on the President’s global leadership in the fight against corruption, which this Administration has made a top national priority. Over the past year, U.S. leadership has included:

Prosecuting Bribery and Corruption Overseas

•Increased enforcement capacity to pursue bribery of officials overseas, including enhanced enforcement efforts of the Fraud Section at the Department of Justice and the creation of a dedicated unit at the Securities and Exchange Commission, which has helped to level the playing field for ethical businesses that operate internationally.
•Filing 105 enforcement actions involving bribery of foreign officials overseas since the beginning of 2009, and collecting over $2 billion in criminal and civil penalties.
Denying Safe Haven to Kleptocrats and Proceeds of Corruption

•Using Presidential Proclamation 7750 and other immigration authorities to prevent corrupt officials and those who pay them bribes from entering the United States, with increased focus on corruption in extractive industries and a decision to double staffing to provide more capacity to the State Department’s anti-kleptocracy efforts.
•Launched a Kleptocracy Asset Recovery Initiative, initiating the process to substantially increase staffing in the Department of Justice Asset Forfeiture and Money Laundering Section to pursue the proceeds of foreign official corruption and foster international cooperation.
Developing the International Standards and Architecture for Fighting Corruption

•Led the creation and initiation of a new peer review mechanism to review the efforts of 147 countries in implementing the United Nations Convention against Corruption, and set an example to other countries by being one of the first countries to be reviewed.
•Continued U.S. leadership in the OECD Working Group on Bribery including by: ensuring greater accountability through published statistics on investigations and prosecutions; negotiating a new OECD Recommendation to enhance the implementation and enforcement of the Antibribery Convention; developing good practice guidance to help companies strengthen compliance programs to prevent and detect bribery; promoting regular meetings of prosecutors to address cross-cutting issues; and supporting the third phase of monitoring on enforcement of transnational bribery laws.
Building Capacity of Other Governments to Tackle Corruption

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