Obama says he is working with G-20 on economic crisis

President Barack Obama today said his administration is working with the G-20 countries, which includes India, to restore confidence on the US financial system and to avoid the possibility of escalating protectionism.

"To respond to an economic crisis that is global in scope, we are working with the nations of the G-20 to restore confidence in our financial system, avoid the possibility of escalating protectionism, and spur demand for American goods in markets across the globe," Obama said.

In his first address to the joint session of the US Congress, Obama said: "For the world depends on us to have a strong economy, just as our economy depends on the strength of the world’s."

The US hosted the first G-20 economic conference on November 15, 2008 which deliberated the ways to overcome the financial crisis. The next G20 summit will be held on April 2 in London.