FILE - In this Aug. 10, 2009, file photo, President Barack Obama, right, Mexico's President Felipe Calderon, center, and Canada's Prime Minister Stephen Harper walk towards a stand for an official photo in Guadalajara, Mexico. (AP Photo/Alex Brandon, File)

WASHINGTON (AP) — President Barack Obama says he and the leaders of Canada and Mexico are launching a new bid to pare back regulation in hopes of boosting trade and creating more jobs.

At a three-way North American summit on Monday with Canada's Prime Minister Stephen Harper and Mexico's President Felipe Calderon, Obama said the three will "go through the books" to simplify regulations and eliminate others that aren't needed.

Three-way trade among the U.S., Canada and Mexico now exceeds $1 trillion, and Obama says he wants to see that number rise.

The three leaders also discussed immigration and the war on drugs during their one-day summit. Obama praised Calderon for "great courage" in standing up to Mexico's cartels.
Associated Press
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