News / USA

Obama: G8, G20 Nations Must Work to Re-balance Global Economy

President Obama arrives in Canada Friday for the G-8 and G-20 summits of the world's major industrialized nations.  VOA chief White House correspondent Dan Robinson reports, discussions at the G-8 will focus on development, economic, peace and security issues, and the G-20 summit will assess steps member nations are taking along the path of financial recovery.

After a working lunch of the G-8 on economic issues, the president participates in an outreach session with 7 African leaders, discussing development and maternal and child health issues.

Leaders from Haiti, Jamaica and Colombia will join the discussions, focusing on the drug trade between Latin America and Africa.  Later, a G-8 leaders-only dinner covers political and governance issues.  

G-8 leaders convene again Saturday morning at Muskoka, outside Toronto, to discuss peace and security issues, with a focus on Iran, North Korea, Afghanistan, Pakistan and the Middle East peace process, before a concluding news conference.

Senior administration officials say President Obama and other G-8 and G-20 leaders will work on ongoing steps to ensure a durable global economic recovery, and discuss financial regulatory reform, along with trade, climate change, energy security and energy subsidies.

At a White House news conference Thursday with Russian President Dmitry Medvedev, who will also be in Toronto, President Obama explained decisions he sees G-20 countries facing in order to sustain economic growth and re-balance the global financial situation.

"Not every country is going to respond in the same way but all of us are going to have responsibilities to re-balance in ways that allow for long-term sustained economic growth in which all countries are participating and hopefully the citizens of all these countries will benefit," he said.

The president said China's decision to allow its currency to rise in value against the U.S. Dollar will have to be monitored over the course of the year.

President Obama will hold a series of bilateral meetings in Toronto on Saturday, including his first face to face with British Prime Minister David Cameron.  Afghanistan and Iran will be key topics.

Administration officials say Mr. Obama will use the annual gatherings to underscore the U.S. commitment to leadership in and increased engagement with Asia.

Particularly important will talks with South Korean president Lee Myung-bak, underscoring the strength of the bilateral security alliance in the wake of the sinking of a South Korean warship by North Korea.

In talks with China's President Hu Jintao, senior U.S. officials say the president will discuss global economic and security issues, including Iran and the recent U.N. Security Council resolution approved with Beijing's support.

U.S. officials say Mr. Obama's approach on China is based on a recognition of cooperative and competitive elements in the relationship, while looking to expand as much as possible the cooperative aspect.  

Asked if the president will raise the issue of U.S. - China military to military relations, suspended by Beijing this past January, the officials would only reiterate Washington's position that military exchanges be resumed.

Among other bilaterals scheduled so far, President Obama will meet with India's Prime Minister Manmohan Singh, President Susilo Bambang Yudhoyono of Indonesia, and Prime Minister Naoto Kan of Japan, still the only Asian member of the Group of Eight nations.

U.S. domestic issues forced President Obama to twice postpone a planned visit to Indonesia.  U.S. officials say the president is likely to use his G-20 meeting with President Yudhoyono to express his admiration for Indonesian actions to fight terrorism.

You May Like

China Investigates Former Powerful Security Chief

Former security chief and member of Politburo Standing Committee, Zhou Yongkang, under investigation for suspected 'serious disciplinary violation' More

India, US Look to Reset Ties During Kerry Visit

This week's talks will be first high level interaction between two countries since Prime Minister Narendra Modi took charge More

Video Young African Leadership Program Renamed to Honor Mandela

YALI program, launched by President Obama in 2010, aims to build skills in business, entrepreneurship, public management and civic leadership More

This forum has been closed.
Comments
     
There are no comments in this forum. Be first and add one

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
Vietnamese Staging Chinese Product Boycott After Oil Rig Spati
X
Reasey Poch
July 28, 2014 7:18 PM
China recently pulled an oil rig from an area of the disputed South China Sea that Vietnam also claims. Despite the action, the incident has had a lingering effect on consumers in Vietnam. VOA's Reasey Poch reports from Hanoi on an effort to boycott Chinese products.
Video

Video Vietnamese Staging Chinese Product Boycott After Oil Rig Spat

China recently pulled an oil rig from an area of the disputed South China Sea that Vietnam also claims. Despite the action, the incident has had a lingering effect on consumers in Vietnam. VOA's Reasey Poch reports from Hanoi on an effort to boycott Chinese products.
Video

Video ESA Spacecraft to Land on a Comet

After a long flight through deep space, a European Space Agency probe is finally approaching its target -- a comet millions of kilometers away from earth. Scientists say the mission may lead to some startling discoveries about the origins of the water on earth. VOA’s George Putic has more.
Video

Video Young Africans Arrive in US for Leadership Program

President Barack Obama's Young African Leadership Initiative has brought hundreds of young Africans to the United States for a six-week program aimed at building their knowledge and skills in fields such as public administration and business. Out of the 50,000 young Africans who applied for the program, just one percent was accepted. VOA's Laurel Bowman caught up with some of those who made the cut and has this report.
Video

Video In Honduras, Amnesty Rumors Fuel US Migration Surges

False rumors in Central America are fueling the current surge of undocumented young people being apprehended at the U.S. border. The inaccurate claims suggest the U.S. will give amnesty to young migrants from the region. As VOA's Brian Padden reports from Honduras, these rumors trace back to President Obama's 2012 executive order to halt deportations for some young undocumented immigrants already living in the United States.
Video

Video Students in Business for Themselves

They're only high school students, but they are making accessories for shoes, fabricating backpacks and doing product photography - all through their own businesses. It's the result of a partnership between a non-profit organization that teaches entrepreneurship and their schools. VOA's Mike O'Sullivan and Deyane Moses met the budding entrepreneurs near Los Angeles.
Video

Video Astronauts Train in Underwater Lab

In the world’s only underwater laboratory, four U.S. astronauts train for a planned visit to an asteroid. The lab - called Aquarius- is located five kilometers off Key Largo, in southern Florida. Living in close quarters and making excursions only into the surrounding ocean, they try to simulate the daily routine of a crew that will someday travel to collect samples of a rock orbiting far away from earth. VOA’s George Putic has more.

AppleAndroid