US Com­merce chief vows trade growth

China Daily (Canada) - - ACROSSAMERICA - By LIU CHANG in Wash­ing­ton changliu@chi­nadai­lyusa.com

United States Sec­re­tary of Com­merce Penny Pritzker said Thurs­day that the United States is com­mit­ted to the Asia-Pa­cific re­gion and “re­bal­anc­ing’’ to­ward the re­gion will re­main a cor­ner­stone’’ of US pol­icy.

“The United States has made a long- term com­mit­ment to the re­gion. No mat­ter what cri­sis emerges next, re-bal­anc­ing to­ward the re­gion will re­main a cor­ner­stone of this ad­min­is­tra­tion’s for­eign pol­icy,” she said in a speech on Amer­ica’s Eco­nomic Fu­ture in the Asi­aPa­cific at Johns Hop­kins Univer­sity’s Paul H. Nitze School of Ad­vanced In­ter­na­tional Stud­ies (SAIS) in Wash­ing­ton, DC.

Pritzker listed what she said are three pil­lars of a strate­gic frame­work to help achieve the eco­nomic goals of re­bal­anc­ing: Commercial diplo­macy to strengthen US part­ner­ships, nec­es­sary in­fra­struc­ture to help emerg­ing Asian economies to en­ter into the global trade and in­vest­ment sys­tem, and re­gional mech­a­nisms like TPP, APEC, and ASEAN.

To ex­pand pros­per­ity through deep­en­ing US trade and in­vest­ment ties with part­ners, Pritzker said mul­ti­lat­eral par­ties need to build both hard and soft in­fra­struc­ture for the growth of US emerg­ing part­ners in the 21st century. “And it en­tails build­ing new mech­a­nisms ... to es­tab­lish a level play­ing field for com­merce across the en­tire Asia-Pa­cific re­gion,” she said.

Pritzker said that as home to nearly 60 per­cent of global GDP and the world’s fastest grow­ing economies with half of the world’s pop­u­la­tion, the Asia-Pa­cific re­gion pro­vides tremen­dous op­por­tu­nity for US businesses.

China re­mains one of the big­gest per­ma­nent mar­kets for US prod­ucts, Pritzker said, adding that the im­por­tance of the Chi­nese mar­ket to US businesses will only grow.

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