Noting that export orders of worth USD 10 billion from India contributed to over 50,000 jobs in the US, President Barack Obama said growth in export market imperative for US economy.

Obama, in his address to the President’s Export Council at the White House which discussed the ways to promote a strong and growing economy, said the world wants products made in America, adding that for every USD 1 billion that US increases in exports supports more than 5,000 jobs.

“So at a time when jobs are in short supply, growing our export markets is an imperative, and growing our exports today will create the jobs of tomorrow. Ninety-five per cent of the world’s customers and the fastest-growing markets are beyond our borders,” he said.

“If we want to find new growth streams for our economy, we’ve got to compete aggressively for those customers, because other nations are competing aggressively. And as long as I’m president of the United States, we are going to fight for every job, every industry, every market everywhere. And we intend to win,” he asserted. “That’s why I set this goal. We’re on track to meet it. Exports are up nearly 18 per cent so far over last year,” Obama said.

“I visited India to highlight the role American business played there and took the opportunity to sell our exports to one of the fastest growing markets in the world,” Obama said.

“While I was there, we reached several landmark deals — from Boeing jets and GE engines, to medical and mining equipment — deals that are worth nearly USD 10 billion in exports and will support more than 50,000 American jobs,” said the US President.

On the US and South Korea agreement on a landmark trade deal last week, Obama said that he expects this deal’s tariffs reductions alone to boost annual exports of American goods by up to USD 11 billion. This agreement, including the opening of the Korean services market, will support more than 70,000 American jobs, he added.