By Kris M. Crismundo
MANILA, June 4 (PNA) — United States Secretary for Commerce Penny Pritzker has reiterated the support of US to the Philippines and other Asia Pacific countries to boost economic development in the region.
Pritzker visited the Philippines Wednesday to lead a business delegation to look for business opportunities in Southeast Asia including Vietnam and Myanmar.
In her speech during a meeting with American Chamber of Commerce of the Philippines, Makati Business Club, and Management Association of the Philippines in Makati City, Pritzker said her visit here following the state visit of US President Barack Obama reinforces that US’ commitment to Asia is enduring and deepening economic and commercial relations in the region will generate shared prosperity for US and Asian countries, including the Philippines.
She mentioned that the US is determined to build and expand partnerships in the region in order to establish stable, open, and transparent economic environment which the country can take advantage.
“This effort means deepening our trade and investment with existing partners. It will require working multilaterally, to build hard and soft infrastructure which is necessary for the growth of our emerging partners,” she said.
The US Commerce Secretary also cited economic strategies of US which the Philippines will also benefit. These include:
— consistent multilateral engagement with long established trading partners;
— entering into global trade and investment system by developing necessary hard infrastructure like road projects to facilitate movement of goods and soft infrastructure or legal and regulatory system that will provide clear and transparent transaction within the region; and
— building regional mechanisms such as Trans-Pacific Partnership (TPP), Asia-Pacific Economic Cooperation (APEC), and Association of Southeast Asian Nations (ASEAN).
Pritzker noted that the US welcomes the interest of the Philippines to join the TPP and assures support to the country.
“We certainly welcome the expressed interest of the Philippines in joining this important agreement,” she said.
Moreover, Pritzker mentioned the support of the US to sustain the economic momentum in the Southeast Asia.
She added that the US is also looking forward for the upcoming ASEAN integration in 2015 that will reduce barriers for all companies both inside and outside the region to facilitate freer flow of trade.
The US Commerce Secretary also affirmed US’ support to Philippines in hosting APEC meeting next year.
“We are looking forward to your APEC hosting next year in 2015. United States is ready to work with you to achieve your APEC goals,” she said.
“As true partners, the United States and the Philippines lift each other,” Pritzker noted.
“In behalf of the Obama administration, our pledge is to partner with you and the many dynamic nations from the Asia Pacific to build on your economic progress and to bring greater prosperity to millions across the region in the United States and throughout the world,” she concluded. (PNA)