Penny announces steps to help US business presence in Asia-Pacific region

19 April 2014

Xinhua, Washington :
US Commerce Secretary Penny Pritzker Thursday underlined the importance for the United States to expand trade presence in the Asia-Pacific region and announced a slew of moves to this end and critical to boost the country's exports and employment.
While delivering a speech in John Hopkin's University in Washington, D.C, Pritzker said increasing overseas presence is a critical way for U.S. businesses seeking to grow in foreign markets, urging them to look beyond the domestic market and seize opportunities in fast-growing markets in Asia.
"Asia-Pacific has become an enormous permanent market for American products and supports more than 3 million," she said, adding "The U.S. economy has become inextricably linked to the economies in the Asia-Pacific." She disclosed that two new commercial service offices will be opened in Myanmar and in Wuhan, a city in central China. Additional staff will be added to 10 other Asian postings. She will also travel to Myanmar, the Philippines and Vietnam in June, accompanied by an entourage of business executives.
The top American trade official believed the moves would allow them to provide U.S. businesses with greater support as well as to attract more inbound investment.
As a major part of Obama's rebalance to Asia strategy, the United States have been actively engaged in the Trans-Pacific Partnership (TPP) trade talks between 12 Asia Pacific countries.
U.S. officials had hoped to complete the talks by the end of last year, but negotiators failed to reach a deal. Negotiations stalled again in February due to disagreements between the United States and Japan.
Asia contributes 60 percent to global gross domestic product, and is home to some of the world's fastest growing economies and half the world's population, said Pritzker.
Asia-Pacific countries imported 4 trillion U.S. dollars worth of goods in 2012 and the number is expected to increase to 10 trillion U.S. dollars by 2022, according to data given by the U.S. Commerce Department.

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