Economics At The Heart of America’s Strategy in Asia

Making economic statecraft a priority for its missions around the globe, the United States of America today underlined that economics is at the heart of America’s strategy in Asia.

In his remarks at the APCAC U.S.-Asia Business Summit in Tokyo, Dputy Secretary Thomas Nides for Management and Resources says the US is finding ways on how it can make it easier for companies to do business internationally and create American jobs.

At the Summit, Mr. Nides says economic statecraft is particularly important in here Asia.

He says many Asian countries have long recognized the links between economics and foreign policy.

In many ways, the business of Asia is business, Mr. Nides said.

Asian economies and populations are growing rapidly, he added.

“I don’t need to tell you that much of future global economic growth will be centered in the Asia-Pacific.” – Mr. Nides

He says it is imperative that they do it right and the decisions Asia’s emerging economies make together with the United States will help govern a rules-based system that will guide us through the 21st century.

Chinese Vice Premier Wang Qishan, center, holds the autographed basketball given to him by President Barack Obama following their Oval Office meeting Tuesday, July 28, 2009, to discuss the outcomes of the first USChina Strategic and Economic Dialogue. Looking on at left is Chinese State Councilor Dai Bingguo.

“If we get the rules right, all of our countries will prosper together.” – Mr. Nides

The US is committed to exercising its role as a resident Pacific power, not just militarily and diplomatically but economically.

No one knows this better than the Asia-Pacific Council of American Chambers of Commerce, Mr. Nides said.

The Council has helped tend American business in Asia for more than 40 years.

“And your work has paid off. American Chambers of Commerce in Asia today oversee more than $400 billion dollars in trade volume and more than $200 billion in foreign direct investment. And yet, we can and we should be trading more.” – Mr. Nides

The futures of the United States and Asia are linked, he pointed out.

“We are proud of the role the United States has played in helping fuel Asia’s growing prosperity.” – Mr. Nides

According to Mr. Nides, in 2011, the United States exported nearly $900 billion in goods to APEC countries and that’s more exports than it sent to any other group of regional economies.

However, Mr. Nides says there is no guarantee that the future will continue to be marked by success and growth.

“Our relationships need constant tending.” – Mr. Nides

How US is enhancing its economic cooperation with the region

A female employee at a garment factory. UN Photo

According to Mr. Nides, the US has made some key gains, and it committed to doing even more to get it right.

In 2012, the President signed the landmark Korea-U.S. Free Trade Agreement.

He says the deal will eliminate tariffs on 95 percent of American exports to the Republic of Korea.

“It will add more than $10 billion to the U.S. economy and grow Korea’s economy by 6 percent.” – Mr. Nides

In addition, Mr. Nides highlighted that US want to bring these sorts of benefits to the broader region as well.

The US is working with its partners to build a high quality Trans-Pacific Partnership agreement.

If done right, the TPP could set the stage for decades of higher living standards and deeper friendships across the region, he underlined.

“That’s the world we want. And that’s the world I think you want too.” – Mr. Nides

He explains that US is not just fighting for American businesses although that is certainly a priority. Howvever, Mr. Nides says America’s economic renewal depends on the strength of the global economy.

And the global economy depends on the strength of the American economy, he added.

“And both depend on a strong, vibrant Japanese economy and a full recovery.” – Mr. Nides

The US is striving to build a global, rules-based system in which all businesses stand a chance to succeed.

He says Secretary Clinton laid out US vision at the APEC meetings in Washington almost a year ago.

Economic competition should be open, free, transparent, and fair, he reiterated.

Mr. Nides states if they are successful in finding more ways to work together to build an open, free, transparent, and fair economic system, the future of U.S.-Asia cooperation is unlimited.

The impact on US-Asia global economic output will be enormous, he added.

“And the benefit to people’s lives and opportunities will see no limits.” – Mr. Nides

Robust US Engagement with Asia

With its commitment to deepen partnership with Asian countries, the United States of America has underlined that it is elevating its engagement across the board with Asia.

The US government is paying particular attention to ASEAN and Southeast Asia in its agenda to expand partnership.

The US is pursuing a economic statecraft and jobs diplomacy agenda to promote sustainable growth and prosperity across the region and, of course.

ASEAN and the United States are large trading partners where in 2011, the U.S. exports to ASEAN exceeded $76 billion, and that was up 42 percent since 2009.

The United States is deeply supportive of the connectivity initiative that ASEAN has initiated.

The Association of Southeast Asian Nations or popularly know ASEAN is a geo-political and economic organization of ten countries located in Southeast Asia. It was formed on 8 August 1967 by Indonesia, Malaysia, the Philippines, Singapore and Thailand. The membership has expanded to include Brunei, Burma (Myanmar), Cambodia, Laos, and Vietnam through the years.

The ASEAN aims include accelerating economic growth, social progress, cultural development among its members, protection of regional peace and stability, and opportunities for member countries to discuss differences peacefully


Mina Fabulous
Mina Fabulous follows the news, especially what is going on in the US State Department. Mina turns State Department waffle into plain English. Mina Fabulous is the pen name of Carmen Avalino, the NewsBlaze production editor. When she isn't preparing stories for NewsBlaze writers, she writes stories, but to separate her editing and writing identities, she uses the name given by her family and friends.