July 30, 2018
INDO-PACIFIC BUSINESS FORUM: Administration officials reaffirmed a whole-of-government commitment to enhancing economic and commercial engagement in the Indo-Pacific region.
- Today, Trump Administration cabinet members and other senior officials joined American business leaders and foreign dignitaries at the Indo-Pacific Business Forum in Washington, D.C.
- The heads of the Department of State, Department of Commerce, Department of Energy, United States Agency for International Development, Overseas Private Investment Corporation (OPIC), and Export-Import Bank all spoke at the Forum.
- Trump Administration officials underscored that United States investment in the Indo-Pacific region is good for America, good for business, and good for the world.
- Administration officials announced new initiatives aimed at accelerating United States private sector involvement in the region and supporting more United States export opportunities.
- Officials reaffirmed support for the Better Utilization of Investments Leading to Development (BUILD) Act, to reform, modernize, and more than double development finance capacity.
A STRATEGIC INVESTMENT: The Trump Administration announced $113.5 million in immediate funding to seed new strategic initiatives in the Indo-Pacific region.
- These new strategic initiatives will focus on:
- Enhancing United States private investment in the region
- Improving digital connectivity and cybersecurity
- Promoting sustainable infrastructure development
- Strengthening energy security and access
- The Digital Connectivity and Cybersecurity Partnership will use public-private partnerships and technical assistance to support digital infrastructure in the Indo-Pacific.
- The Infrastructure Transaction and Assistance Network will form an interagency body to coordinate efforts to assess projects, direct development finance, and give technical assistance.
- Asia EDGE – Enhancing Development and Growth through Energy – will promote energy security and access by boosting United States exports and encouraging market-based policies.
- Department of Commerce (DOC), through Access Asia program, will dedicate 25 events, and its 2019 flagship trade mission, to connecting American firms with Indo-Pacific markets.
COOPERATION WITH PARTNERS: The Trump Administration announced a range of new economic cooperation efforts with Japan, Australia, India, and Mongolia.
- OPIC released a statement of cooperation with Japan and Australia. Japan recently created a $50 billion fund for regional infrastructure.
- DOC granted Strategic Trade Authorization Tier 1 status to India, enabling American companies to export more high-technology items under a streamlined license exception.
- The Millennium Challenge Corporation will implement a $350 million compact with Mongolia to enhance sustainable water supply to the Mongolian capital of Ulaanbaatar.
- The United States Trade and Development Agency signed an agreement on new energy development in India, and launched a liquefied natural gas cooperation program with Japan.
- The United States announced strengthened support for important regional institutions, including the Association of Southeast Asian Nations, Asia-Pacific Economic Cooperation, the Lower Mekong Initiative, and the Indian-Ocean Rim Association.