U.S. officials say combating the global economic slump emerges as priority topic at the fifth Summit of the Americas in Trinidad and Tobago.
Meeting behind closed doors, hemispheric leaders discussed ways to revive their economies, preserve trade, and prevent fallout from the worldwide financial crisis from boosting poverty rates. That, according to senior U.S. officials who were present at the summit's first plenary session.
President Obama's top economic advisor, Lawrence Summers, says the gathering is taking place at a critical juncture.
"Nobody expected a global financial crisis of this magnitude," he said. "The global financial crisis is a kind of economic hurricane."
Summers says all leaders recognize the gravity of the situation and the perils to their societies if the economic downturn continues unabated.
With that in mind, the Obama administration announced a program to boost credit availability for small, or so-called micro businesses in the hemisphere.
In addition, Summers said, President Obama has spoken out in favor of preserving trade in the Americas.
"The president was very emphatic, and this was widely shared [among other leaders], that while global GDP [gross domestic product] this year will probably decline by about 1 percent, global trade may decline by 10 percent or more," he said. "And that it is terribly important that there be no movement to protectionist measures."
At Friday's opening ceremony, several leaders placed blame for the financial crisis squarely on the United States. Summers said, at the plenary sessions, leaders focused more on productive courses of action than venting anger. He said other heads of government said they want the United States to succeed and recover economically, and to take steps to promote prosperity throughout the Americas.
Plenary sessions later in the day addressed energy challenges, environmental concerns, and security threats. The summit concludes Sunday.
The hemispheric gathering has been overshadowed by issues surrounding Cuba - the only nation not invited to the summit - and the decades-old U.S. embargo of the communist-run island.
President Obama recently relaxed restrictions on remittances and travel to Cuba by Cuban Americans. Thursday, Cuban President Raul Castro called for open dialogue between Washington and Havana, and suggested that Cuba may have made a mistake in the past when it ruled out talks on human rights and political prisoners.
White House Press Secretary Robert Gibbs says Mr. Castro's words got President Obama's attention.
"That was most assuredly taken note of and discussed within our administration," he said. "We think that was a change in their rhetoric that we have not seen in quite some time."
President Obama has heard repeated pleas from his summit colleagues to terminate the U.S. embargo of Cuba. Mr. Obama has said that he wants to see a change in long-frozen U.S.-Cuban relations, but that he also wants to see democratic reform on the island.
Meeting behind closed doors, hemispheric leaders discussed ways to revive their economies, preserve trade, and prevent fallout from the worldwide financial crisis from boosting poverty rates. That, according to senior U.S. officials who were present at the summit's first plenary session.
President Obama's top economic advisor, Lawrence Summers, says the gathering is taking place at a critical juncture.
 |
| Larry Summers (file) |
Summers says all leaders recognize the gravity of the situation and the perils to their societies if the economic downturn continues unabated.
With that in mind, the Obama administration announced a program to boost credit availability for small, or so-called micro businesses in the hemisphere.
In addition, Summers said, President Obama has spoken out in favor of preserving trade in the Americas.
 |
| President Barack Obama attends opening session of 5th Summit of the Americas in Port of Spain, Trinidad and Tobago, 17 April 2009 |
At Friday's opening ceremony, several leaders placed blame for the financial crisis squarely on the United States. Summers said, at the plenary sessions, leaders focused more on productive courses of action than venting anger. He said other heads of government said they want the United States to succeed and recover economically, and to take steps to promote prosperity throughout the Americas.
Plenary sessions later in the day addressed energy challenges, environmental concerns, and security threats. The summit concludes Sunday.
The hemispheric gathering has been overshadowed by issues surrounding Cuba - the only nation not invited to the summit - and the decades-old U.S. embargo of the communist-run island.
 |
| Cuban President Raul Castro (file) |
White House Press Secretary Robert Gibbs says Mr. Castro's words got President Obama's attention.
"That was most assuredly taken note of and discussed within our administration," he said. "We think that was a change in their rhetoric that we have not seen in quite some time."
President Obama has heard repeated pleas from his summit colleagues to terminate the U.S. embargo of Cuba. Mr. Obama has said that he wants to see a change in long-frozen U.S.-Cuban relations, but that he also wants to see democratic reform on the island.
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