Sunday, 21 October, 2018

United States to launch new initiatives to expand Indo-Pacific economic engagement

Pompeo to unveil investment push in Indo-Pacific | TheHill Secretary of State Mike Pompeo: U.S. to ‘Deepen Engagement’ in Asia
Glenn Montgomery | 02 August, 2018, 13:51

Part of this is due to a range of structural challenges, including the way in which economic policy works within the US government, the high standards that Washington expects relative to the lower ones present in much of the region, and the sheer budget constraints present relative to the active engagement of American companies.

An Australian minister said on Tuesday a new infrastructure partnership with the United States and Japan does not challenge growing Chinese investment in the Indo-Pacific region.

"When Secretary Pompeo said 'we seek partnership and not domination, ' and 'strategic partnership and not strategic dependency, ' the administration is basically telling the Chinese communists that their fantasy of expanding Chinese communist control and influence, when communism is dying as an ideology worldwide, is nothing but a hallucination", Xie said.

The U.S. "will not seek dominance in the Indo-Pacific, and will oppose any country that does", he said.

He asserted that it is clear a big part of America's global economic future is in the Indo-Pacific.

"The fact is that we demonstrate consistently that Australia is very focused on making sure that we can help the least-developed economies in our region to get on to a more economically sustainable footing", he said. "When American businesses come to these countries, they'll thrive", Pompeo said.

"In both scale and scope, these initiatives pale in ambition relative to comparable initiatives by China", Prasad said.

The United States Trade and Development Agency signed an agreement on new energy development in India, and launched a liquefied natural gas cooperation programme with Japan.

Bishop did not name China, but Canberra has been critical of Beijing's Pacific "soft diplomacy" push and has refocused its aid programmes to win hearts and minds in the island nations. We want the peaceful resolution of territorial and maritime disputes.

In the 1960s, the United States grew partnerships to address basic developmental needs.

"It also establishes a new Indo-Pacific Transaction Advisory Fund to help partners access private legal and financial advisory services", he said. "This is key to worldwide peace", Mr Pompeo said. "It's high-quality, it's transparent and it is financially sustainable", Hook said.

Countries in the region have been anxious by Trump's "America first" policy, withdrawal from the Trans Pacific Partnership trade deal and pursuit of a trade conflict with China that threatens to disrupt regional supply chains.

"I am announcing Dollars 113 million in new United States initiatives to support foundational areas of the future: digital economy, energy, and infrastructure".

The measures include a US$25 million initial investment to improve digital connectivity in partner countries and to expand opportunities for USA technology exports.

He also announced strengthened support for important regional institutions in the Indo-Pacific, including the Association of Southeast Asian Nations (ASEAN) and US-ASEAN Connect, Asia-Pacific Economic Cooperation (APEC), and the Lower Mekong Initiative, along with a first-ever contribution to the Indian Ocean Rim Association.

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