Obama: U.S. and China Should ‘Establish Clear Rules of the Road’ for Global Trade

By Fred Lucas | November 20, 2012 | 1:08 PM EST

U.S. President Barack Obama, left, meets with Chinese Premier Wen Jiabao, right, during the East Asia Summit at the Peace Palace in Phnom Penh, Cambodia, Tuesday, Nov. 20, 2012. (AP Photo/Carolyn Kaster)

(CNSNews.com) – President Barack Obama said it was up to the United States and communist China to “establish clear rules of the road” for international trade and global growth.

Obama had a bilateral meeting with Chinese Premier Wen Jiabao at the East Asia Summit in Phnom Phen, Cambodia. Before the private meeting, both leaders issued public remarks.

“Premier Wen and I have also worked very closely together on our bilateral and global economic problems,” Obama said. “And as the two largest economies in the world, we have a special responsibility to lead the way in ensuring sustained and balanced growth, not only here in Asia but globally.

“I very much believe that the cooperative and constructive approach that we’ve taken to our bilateral relations is good for both our countries and the world, and it is very important that as two of the largest economies in the world, that we work to establish clear rules of the road internationally for trade and investment, which can increase prosperity and global growth,” Obama continued.

The Chinese premier carried a complimentary message to Obama from China’s government that reflected both the recent American elections in which Obama was reelected and the transition of power in China from one unelected leader to another unelected leader.

“Let me use this opportunity to first, once again, extend my congratulations to you, Mr.

President, on your reelection, and I also wish to convey the best regards from President Hu Jintao and the newly-elected General Secretary Xi Jinping to you,” the premier said.

“Mr. President, you have set out your vision on many occasions that you want to lead the United States to address various challenges more effectively, in particular to revitalize the economy, to create more jobs, and to enhance international security and cooperation. I wish you all the best,” he added.