(Bloomberg) -- Treasury Secretary Janet Yellen said the US is seeking to boost trade and investment with Indo-Pacific nations, laying out the Biden administration's priorities for the region ahead of a leaders' summit later this month.
Claims that the US is turning away from the Indo-Pacific region are “wholly unfounded,” Yellen said in excerpts of remarks set to be delivered later Thursday that were released by the Treasury.
“We are deepening our economic ties across the region, with tremendous potential benefits for the US economy and for the Indo-Pacific,” Yellen said in the excerpts.
Yellen's comments come just over a week before the US is set to host finance chiefs and leaders from the region for the Nov. 12-17 APEC summit in San Francisco. The gathering is also expected serve as the setting for a highly anticipated meeting between US President Joe Biden and Chinese President Xi Jinping.
Strengthening ties with allies in Asia has been a key focus for Yellen over the past years, especially as the US seeks to boost relations with key countries in China's orbit. In the past 12 months, the Treasury chief visited India four times, while also making trips to Vietnam and Japan as well as Indonesia and South Korea in 2022.
China Engagement
Yellen also visited Beijing in July — her first trip to China as Treasury secretary, in an effort to mend ties between the world's two largest economies and restart dialogue, especially on key economic and financial issues.
The US focus on the Indo-Pacific region is central to the administration's “friend-shoring” push, the idea that America should strengthen trade relationships with trusted partners to bolster global supply chains, reduce dependence on a small number of nations for critical components and shield the economy from geopolitical risks.
“Greater supply chain resilience provides stability for consumers and helps ensure that our country's economic security is not unduly reliant on just one country for many critical inputs,” Yellen said in the prepared remarks.
Trade between the US and the Indo-Pacific region has steadily increased over the past decade, ans is up over 25% since 2019, according to Yellen's remarks.
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