[Weekly Compilation of Presidential Documents Volume 44, Number 38 (Monday, September 29, 2008)]
[Pages 1249-1250]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
Remarks to Leaders of the Western Hemisphere in New York City

September 24, 2008

    Listen, thank you all very much for being here. I'm joined by 
leaders throughout our hemisphere to discuss trade and prosperity. I 
know they're going to want to hear about the rescue plan that we have 
submitted to the Congress. They can see our legislative process is full 
of give-and-take, that there's ample debate. But I am confident that 
when it's all said and done, there will be a robust plan, and there 
needs to be.
    Each of the 11 countries here has a free trade agreement with the 
United States or one pending before Congress. Free and fair trade is in 
our mutual interests.
    What's interesting about free and fair trade amongst the nations is 
that the people benefit. For example, the Central American-Dominican 
Republic Free Trade Agreement is in its early stages, but trade between 
participating countries with the United States is up

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23 percent. That translates to jobs and prosperity. In the 5 years since 
the free trade agreement between the United States and Chile took 
effect, trade between our two nations has increased by more than 180 
percent. And that's positive. In other words, these agreements are 
mutually beneficial. And most importantly, they help small-business 
owners and workers and farmers and ranchers.
    In the nearly 15 years since NAFTA entered into force, trade between 
the United States, Canada, and Mexico has increased by a combined total 
of more than 200 percent.
    Today our countries are launching the Pathways to Prosperity in the 
Americas Initiative to continue this progress. This initiative will 
provide a forum where leaders can work to ensure that the benefits of 
trade are broadly shared. It will deepen the connections among regional 
markets. It will expand our cooperation on development issues. This is a 
very promising initiative, and I expect positive results when our 
representatives meet on these issues later this year.
    It's important for the American people to understand that exports 
benefit workers. Half of our growth last year was the result of trade. 
And therefore, it's in our interest to continue to open up markets, 
particularly in our own neighborhood. There are three free trade 
agreements pending in the Congress today: South Korea, Panama, and 
Colombia. Obviously, two of those are with nations in our own 
hemisphere. The Colombia free trade agreement will be good for Colombia; 
it will be good for America. The President and I have worked diligently 
to make sure this is a fair agreement, and Congress needs to pass it.
    The Panamanian agreement--it's good for Panama, it's good for 
America. And Congress ought to pass that agreement too. It's important 
that these agreements be passed as soon as possible.
    I want to thank the leaders for joining us. I'm looking forward to 
our discussion. I appreciate your hard work in working to make sure your 
people and your countries have great opportunities. One such opportunity 
is access to jobs provided by markets.
    Thank you for your vision, and thank you for your leadership. Thank 
you.

Note: The President spoke at 8:01 a.m. at the Council of the Americas 
Headquarters. In his remarks, he referred to President Alvaro Uribe 
Velez of Colombia. The Office of the Press Secretary also released a 
Spanish language transcript of these remarks.