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All Speakers
00:00:2029 sec.
Obama, Barack - President

Good afternoon, everybody. Before I discuss the G20, I want to briefly comment on the agreement in Iraq that's taken place on the framework for a new...

00:00:4919 sec.
Obama, Barack - President

This agreement marks another milestone in the history of modern Iraq. Once again, Iraqis are showing their determination to unify Iraq and build its...

00:01:0839 sec.
Obama, Barack - President

For the last several months, the United States has worked closely with our Iraqi partners to promote a broad-based government -- one whose leaders share...

00:01:4711 sec.
Obama, Barack - President

Now, here in Seoul, once again, we are very grateful to our hosts -- President Lee, and the people of Seoul and South Korea -- for your extraordinary...

00:01:5825 sec.
Obama, Barack - President

We came to Seoul to continue the work that has taken us from London to Pittsburgh to Toronto. We worked together to pull the global economy back from...

00:02:2327 sec.
Obama, Barack - President

The actions we took were not always easy or popular. But they were necessary. As a result, the global economy is growing again. Some economies, especially...

00:02:5016 sec.
Obama, Barack - President

In short, we succeeded in putting the global economy back on the path of recovery -- but we also know that the progress has not come nearly fast enough,...

00:03:0624 sec.
Obama, Barack - President

Nor have we yet achieved the balanced global growth that we need. Many advanced economies are growing too slowly and not creating enough jobs. Some...

00:03:3033 sec.
Obama, Barack - President

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...

00:04:0323 sec.
Obama, Barack - President

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...

00:04:2636 sec.
Obama, Barack - President

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,...

00:05:0231 sec.
Obama, Barack - President

Second, we agreed that exchange rates must reflect economic realities. Just as the major advanced economies need to keep working to preserve stability...

00:05:3338 sec.
Obama, Barack - President

Third, we took further steps to implement financial regulatory reform. At home, we are implementing the toughest financial reform since the Great Depression,...

00:06:1130 sec.
Obama, Barack - President

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...

00:06:4123 sec.
Obama, Barack - President

Finally, we reaffirmed the need to avoid protectionism that stifles growth and instead pursue trade and investment through open markets. That’s why,...

00:07:0425 sec.
Obama, Barack - President

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...

00:07:2919 sec.
Obama, Barack - President

So, again, I want to thank our South Korean hosts for a very successful summit. I want to thank my fellow leaders for their partnership. Here in Seoul,...

00:07:486 sec.
Obama, Barack - President

So with that, let me take a few questions. And I’ll start off with Julianna Goldman of Bloomberg.

00:07:5415 sec.
Q, -

Thank you, Mr. President. A question on the South Korea free trade agreement. If U.S. concerns on autos and beef aren’t adequately addressed over...

00:08:091 min.
Obama, Barack - President

Well, I’ve always said that I’m not interested in signing a trade agreement just for the sake of an announcement. I’m interested in trade agreements...

00:09:5721 sec.
Q, -

Thank you. After the midterm elections you said that you were open to compromise on the Bush tax cuts. I’m wondering if you’re prepared today...

00:10:182 min.
Obama, Barack - President

The answer to the second question is no. I think what we’ve seen over the last several days as we’ve traveled through Asia is that people are eager...

00:12:4332 sec.
Q, -

Thank you, Mr. President. You came to Asia talking about the deep frustration that Americans feel about the slow pace of recovery in the economy, and...

00:13:152 min.
Obama, Barack - President

Well, I don’t have a crystal ball, Ben, but I will say this. First of all, we’ve grown the economy by a million jobs over the last year. So that’s...

00:15:3435 sec.
Q, -

Thank you, Mr. President. This communiqué has a commitment that all countries will refrain from competitive devaluation of currencies. I’m wondering...

00:16:094 min.
Obama, Barack - President

I’ve been very clear and persistent since I came into office that we welcome China’s rise; we think the fact that China has grown as remarkably...

00:20:2530 sec.
Q, -

Thank you, Mr. President. I'm hoping to get you in a little bit of a reflective mode. You spoke in your press conference in D.C. about your relationship...

00:20:555 min.
Obama, Barack - President

That's not how I remember it. I remember our first G20 you guys writing the exact same stories you're writing now about the exact same issues. Don't...

00:26:177 sec.
Q, -

-- leaders and if you had noticed any change during your time in office --

00:26:241 min.
Obama, Barack - President

And I guess what I’m saying is, is that I actually think that my relationships have grown much stronger with the people who I’ve worked with here.

When...

00:28:0415 sec.
Q, -

A quick follow-up. Some are interpreting your senior advisor David Axelrod’s comments to a newspaper back home that your compromise position is to...

00:28:191 min.
Obama, Barack - President

That is the wrong interpretation because I haven’t had a conversation with Republican and Democratic leaders. Here’s the right interpretation....

00:29:222 sec.
Q, -

Oh, sorry, that was actually my quick follow-up --

00:29:241 sec.
Obama, Barack - President

Oh, I see. (Laughter.)

00:29:2517 sec.
Q, -

-- but this leads me right to my real question, which is, speaking of fiscal responsibility, given the fact that the bulk of the expense of extending...

00:29:423 min.
Obama, Barack - President

Well, the middle class in the United States saw their real wages go down 5 percent over the period of 2001 to 2009, at the same time as all their costs...

00:32:5534 sec.
Q, -

Thank you, Mr. President. I know it’s not your habit to comment on Fed decisions, but there’s been quite a bit of reporting, if you believe it,...

00:33:294 min.
Obama, Barack - President

What about compliments? You didn’t put that in the list. There was only complaints, concerns, or -- (laughter.) You know, there was not a lot of...

00:37:3217 sec.
Q, -

One of your top advisors said this morning that the challenges facing the G20 now are much more manageable than they were at the height of the crisis....

00:37:492 min.
Obama, Barack - President

I think what it means is that in the absence of crisis people probably are willing to hunker down a little bit more on some of the negotiations. Speed...

00:40:414 sec.
Q, -

Unfortunately, I hate to disappoint you, President Obama, I'm actually Chinese. (Laughter.)

00:40:452 sec.
Obama, Barack - President

Well, it’s wonderful to see you.

00:40:472 sec.
Q, -

But I think I get to represent the entire Asia.

00:40:49
Obama, Barack - President

Absolutely.

00:40:491 sec.
Q, -

We're one family here in this part of the world.

00:40:5017 sec.
Obama, Barack - President

Well, your English is better than my Mandarin also. (Laughter.) But -- now, in fairness, though, I did say that I was going to let the Korean press...

00:41:075 sec.
Q, -

How about will my Korean friends allow me to ask a question on your behalf? Yes or no?

00:41:124 sec.
Obama, Barack - President

Well, it depends on whether there’s a Korean reporter who would rather have the question. No, no takers?

00:41:163 sec.
Q, -

(Inaudible.)

00:41:195 sec.
Obama, Barack - President

This is getting more complicated than I expected. (Laughter.)

00:41:243 sec.
Q, -

Take quick, one question from an Asian, President Obama.

00:41:279 sec.
Obama, Barack - President

Well, the -- as I said, I was going to -- go ahead and ask your question, but I want to make sure that the Korean press gets a question as well.

00:41:3647 sec.
Q, -

Okay. My question is very simple. You mentioned interpretation. I know part of the difficulty being the American President is that some of the decisions...

00:42:232 min.
Obama, Barack - President

With a wonderful press conference like this that give me the opportunity hopefully to provide my own interpretation. But, look, you make a valid point....

00:44:3610 sec.
Q, -

(Inaudible.)

00:44:461 sec.
Obama, Barack - President

Right.

00:44:4719 sec.
Q, -

What led your administration to decide to try and extract further concessions from Korea on imports of American beef? And did you miscalculate the...

00:45:061 min.
Obama, Barack - President

Well, first of all, beef was not the only issue that was of concern. In fact, a larger concern had to do with autos. And the concern is very simple....

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