Yellen says US wants more trade, investment with Indo-Pacific region
By David Lawder
WASHINGTON (Reuters) -U.S. Treasury Secretary Janet Yellen on Thursday said the Biden administration was committed to expanding trade and investment with Indo-Pacific countries, emphasizing the region's strategic importance ahead of a major summit of Pacific Rim leaders this month in San Francisco.
In excerpts of remarks to be delivered later on Thursday, Yellen said deeper economic links with Indo-Pacific countries will help make U.S. supply chains more resilient and tap into a dynamic and growing market for U.S. exports.
The Biden administration is preparing to host leaders and other top officials from Asia-Pacific Economic Cooperation (APEC) countries in San Francisco from Nov. 11-17.
«As we look toward APEC later this month, let me state unequivocally: Claims that America is turning away from the Indo-Pacific are wholly unfounded,» Yellen said in the excerpts. «We are deepening our economic ties across the region, with tremendous potential benefits for the U.S. economy and for the Indo-Pacific.»
The Biden administration will host a seventh negotiating round for its Indo-Pacific Economic Framework for Prosperity (IPEF) initiative next week in San Francisco, aimed at reaching some agreements in time for the APEC summit.
IPEF, while far short of a traditional free trade agreement, is the Biden administration's signature initiative to engage economically with Asian countries and provide them a trade and investment alternative to China.
Yellen's excerpts did not mention China, but said deeper integration with Indo-Pacific countries would benefit the region and the U.S. She noted that U.S. two-way trade with the region reached a value of $2.28 trillion in 2022, up 25% since 2019, with the region taking
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