The Asia-Pacific region is one of the fastest growing and dynamic parts of the world. Home to over 3 billion people, East Asia is moving full steam ahead into the 21st century with purpose and much anticipation. Economic integration in the broader Asia-Pacific region is the clearest example of Asia’s growing importance. The Association of Southeast Asian Nations (ASEAN) is now more committed to working together than ever before, and countries throughout Asia have signed numerous free trade agreements with each other to boost their own commercial interests.
For the Untied States, the Asia-Pacific region plays a very important role in our nation’s economic wellbeing and national security. America's interests in Asia go beyond the usual diplomatic and political engagement to encompass important economic, commercial, and security goals. The purpose of today's hearing is to examine what the Obama Administration is doing to promote America's broader interests in this part of the world given its importance.
We know that trade violations in China remain a persistent problem and something urgent must be done to address this problem. While large corporations are much better equipped to negotiate the pitfalls of doing business in China, the reality is that there are many more American companies struggling to survive because of grossly unfair trade practices.
American companies doing business in China face many serious threats, including piracy, intellectual property theft, corruption, lack of transparency in regulations, and an artificially low currency that allows competitors to market their goods for up to 20 percent cheaper. The crux of the matter is that the Chinese market is not truly competitive, and it is time the Administration did more to protect our economic and commercial interests there.
