[CTC] Sec Raimondo Says IPEF Will Encourage Companies to Locate Jobs in Vietnam, Malaysia, Indonesia, Philippines

[Arthur Stamoulis]

Politico PRO
 
RAIMONDO SAYS IPEF WILL ENCOURAGE COMPANIES TO LEAVE CHINA: “The biggest benefit to the countries that sign up for our standards in IPEF [will be] U.S. companies going from China to [countries like] Vietnam, Malaysia, Indonesia, Philippines,” Raimondo told former State Department official Keith Krach at an Atlantic Council event <https://go.politicoemail.com/?qs=c1faacd5cf40e97747288271440c5ce3b27f56811f60c5a10b92636dcbd7ce8587a904acd44f6524d78ff3654d61beb62209c13a3cb4284a>.

Being in IPEF will be like “a stamp of approval” from the United States because corporate executives will know the countries have agreed to abide by higher standards in areas like labor, the environment, data privacy, rule of law, transparency, supply chains, anti-corruption measures and taxation, she said.

Changing global landscape: While China remains one of America’s most critical trade partners, major events like Covid-19 and the Russian war in Ukraine have spurred companies to consider their options, the Commerce chief noted.

“You hear a lot of manufacturers in China who have been there 10, 20, 30 years, and it would be just very disruptive for them to leave. But they are looking at it. They’re putting plans in place,” Raimondo said.

NEW TRADE DIALOGUE WITH PACIFIC ISLANDS COMING: The dialogue announced Thursday will aim to increase trade flows and address market access needs between the U.S. and the Pacific Islands over the next year.

USTR will also “explore ways to maximize” the countries’ use of the General System of Preferences, a currently expired trade program that offers tariff relief to developing economies.

Deputy USTR Sarah Bianchi met with regional leaders as part of the first-ever U.S.-Pacific Island Country Summit, a White House effort to court Pacific nations that could serve as key allies in securing maritime trade and military routes. China has also sought their allegiance.

The impending dialogue also means the administration is now at least talking trade with a broad swath of countries in the region. USTR previously announced trade and investment talks with Taiwan, and is set to begin negotiating the 14-nation Indo-Pacific Economic Framework.

ITC study: As part of the effort, USTR has directed the U.S. International Trade Commission to conduct a detailed analysis of Pacific Island trade with the United States to identify impediments to increased trade flows, the trade agency said

Arthur Stamoulis
Citizens Trade Campaign
(202) 494-8826




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