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Mike Pompeo Indo-pacific strategy: U.S. to spend $113m in Asia

Mike Pompeo Indo-pacific strategy: U.S. to spend $113m in Asia

Pompeo encouraged private investment and promised to help American companies to develop in the region.

Part of this is due to a range of structural challenges, including the way in which economic policy works within the USA government, the high standards that Washington expects relative to the lower ones present in much of the region, and the sheer budget constraints present relative to the active engagement of American companies.

"Indo-Pacific" is used as shorthand for a broader and democratic-led region in place of "Asia-Pacific" which is seen by some observers as placing China too strongly at the center of the region, according to Reuters. Research institutions from the two countries and ASEAN have partnered to create a "vision document" for a myriad of initiatives they could jointly undertake for countries spanning the east coast of Africa through to Oceania.

Mr Pompeo said the Trump administration had a "clear vision" of the region into the 21 century.

"India is a key partner in our efforts to ensure that the entire Indo Pacific region is a region of peace, stability and growing prosperity".

The new USA initiatives and funding would be focused on digital economy, energy and infrastructure, Hook said, without giving any figures on investment amounts.

"Thanks to this history of economic and commercial engagement, America's relationships throughout the Indo-Pacific today are characterised by mutual trust and respect". "We thus have never and will never seek domination in the Indo-Pacific, and we will oppose any country that does", he added.

"It also establishes a new Indo-Pacific Transaction Advisory Fund to help partners access private legal and financial advisory services", he said.

A new pact between Australia, the U.S. and Japan to invest in the Indo-Pacific is being viewed as a challenge to China's influence but Foreign Minister Julie Bishop says no one country can meet the region's needs. It will highlight opportunities for USA exporters in Asia.

"This is meant to be an articulation of a robust policy and engagement from the U.S., from the government and from the business community and desire to do so in a way that is collaborative and consultative with our partners and counterparts across the region", she said.

The new investment includes $25 million to promote digital connectivity, $50 million for energy projects, and $30 million for infrastructure.

The second initiative is called Asia EDGE.

"This whole-of-government initiative, seeded with almost Dollars 30 million, establishes a new interagency body to coordinate, strengthen, and share United States tools for project scouting, financing, and technical assistance".

Third is infrastructure. The US is committed to connectivity that advances national sovereignty, regional integration, and trust.

Pompeo announced the launch of an Infrastructure Transaction and Assistance Network to boost the development of infrastructure.

US Secretary of State Mike Pompeo made the pledge while outlining the "Indo-Pacific" economic strategy in a speech to business leaders in Washington.

US Trade Representative Robert Lighthizer said last week that tensions with China are a "chronic problem" that could take years to resolve.