Yellen: US committed to expanding trade and investment with Indo-Pacific countries

Yellen made remarks regarding the Joe Biden administration's economic approach to the Indo-Pacific at an event hosted by the Asia Society Policy Institute.

Pointing out that the Biden administration is building on the US's history with Indo-Pacific nations and is aware of the region's importance to the future of the US and the world, Yellen noted that the administration is working to secure supply chains, tackle challenges, and seize opportunities.

Yellen underscored that increasing trade and investment, strengthening economic resilience, and cooperating on global challenges are the three priorities shaping their economic strategy in the region.

Stating that growth and innovation in the US help boost dynamism in Indo-Pacific economies, Yellen emphasized that trade and investment between the country and the Indo-Pacific benefit the American economy.

Referring to the Asia-Pacific Economic Cooperation (APEC) summit to be held in the US this month, Yellen said, "Claims that America is turning its back on the Indo-Pacific are completely baseless. We are deepening our economic ties across the region in a way that will provide tremendous potential benefits for the US economy and the Indo-Pacific."

Noting that the Indo-Pacific is a dynamic and rapidly growing region, Yellen stated that as the region grows, they are gaining a rapidly expanding customer base for US firms and workers.

"THE US IS NOT TRYING TO DECOUPLE FROM CHINA"

Emphasizing that the Biden administration is committed to expanding trade and investment with Indo-Pacific countries, Yellen explained that looking ahead, increased trade and investment with the Indo-Pacific will continue to support more growth and jobs at home, while also increasing growth and employment in Indo-Pacific countries.

Reiterating that the US is not trying to decouple from China, Yellen assessed, "A full separation of our economies or an approach where countries, including those in the Indo-Pacific, are forced to take sides would have significant negative global effects. Given the scale of economic linkages in the Indo-Pacific region and the complexity of global supply chains, this is simply not practical."