UPDATE 1-Ford balance sheet "in good shape" - CEO

(For more stories on the National Summit, please double-click on [ID:nN15235398])

* Ford CEO: balance sheet, liquidity in good shape

* In continuing talks with UAW, CAW on competitiveness

* Ford shares down less than 1 percent

By David Bailey

DETROIT, June 17 (Reuters) - Ford Motor Co (F.N: Quote, Profile, Research), the only U.S. automaker not to file for bankruptcy this year, has a sound balance sheet and is seeking to further reduce debt, Chief Executive Alan Mulally said on Wednesday.

"We're in really good shape with the balance sheet with where we are right now and as soon as we get to profitability and positive cash flow as we've said in 2011 we will accelerate the improvement in the balance sheet," Mulally told reporters on the sidelines of the National Summit in Detroit.

Mulally said Ford was continuing talks with its major unions in the United States and Canada and hopeful that the Obama administration's support for rivals General Motors Corp GMGMQ.PK and Chrysler (FIA.MI: Quote, Profile, Research), both of which filed for bankruptcy this year, would be temporary.

Ford is in discussions with the United Auto Workers union on steps to improve its cost competitiveness, Mulally said.