US Secretary of Trade Confirms US Strong Commitment to Prosperity in the Indo – Pacific Region

Diep Nguyen

13:57 04/11/2019

BizLIVE -

The statement of US Secretary of Commerce helps to reduce the worried among some Asian countries that US is neglecting the Asian region for Chinese dominance.

US Secretary of Trade Confirms US Strong Commitment to Prosperity in the Indo – Pacific Region

Wilbur Ross Secretary of Commerce,U.S. Department of Commerce

On November 4, 2019, The U.S. Trade and Development Agency welcomes 1,000 businesses and government leaders to attend The Indo-Pacific Business Forum (IPBF), which will occur during the East Asia Summit in Bangkok, Thailand. 
The nearly 200 US business executives in attendance represented some of the world’s most innovative, influential and trustworthy companies with the collective annual revenue of over $2.8 trillion.
Those companies contribute to an annual $ 1.9 trillion in two way trade in goods and services between the United States and the countries in the Indo – Pacific region and help make the United States the largest of foreign direct investment into the region. 
This event is co-organized with the U.S. Chamber of Commerce and the Thai Chamber of Commerce, in collaboration with the American Chamber of Commerce in Thailand (AmCham) and the U.S. ASEAN Business Council (USABC) with the support of the U.S. and the Royal Thai Governments.
The Indo – Pacific business forum this time has the honor to welcome many distinguished speakers including Wilbur Ross Secretary of Commerce,U.S. Department of Commerce; David Bohigian, Executive Vice President, Overseas Private Investment Corporation (OPIC), U.S; Jay Collins, Vice Chairman, Corporate and Investment Banking, Citi; Boonchai Charassangsomboon, Inspector-General, Ministry of Finance, Thailand; and Brian Davis, President, Honeywell ASEAN, etc.
In the speech in the Indo – Pacific Forum, Secretary of Commerce,U.S. Department of Commerce Wilbur Ross reaffirmed that the Indo – Pacific Business Forum plays in important role in US trade and foreign policies like what the President Donald Trump said in the summit in Hanoi in February this year. 
For detail, US Secretary of Commerce pointed to the number that since July 2018, the Department of Commerce has assisted more than 9,000 US companies to do business in the Indo – Pacific region and facilitated more than $,7.65 billion in US exports, of which $3.1 billion was for government tenders won by US firms.
The State Department and USAID invested nearly $ 60 million since July 2018 in energy, infastructure, digital, trae and governance programming. Approximately one of US AID funds in these areas are for expanded Trade and Competitiveness activities in countries like Bangladesh, Burma, Laos, Mongolia, the Philippines and Vietnam. 
The US Agency for Internaiotnal Development (USAID) signed an agreement with the Asian Development Bank for $ 200 million, which is expected to mobilize up to $ 7billion in investment to help reform and expand Asia’s energy sector.
The statement of US Secretary of Commerce helps to reduce the worries among some Asian countries that US is neglecting the Asian region for Chinese dominance, as from the opinions of some experts on Asia. 

DIEP NGUYEN

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