Vol. 4, Issue 3
Pacific NW Trade eNews
From the Editor:
What's Missing in the Pivot to Asia Policy?
The "Pivot to Asia" policy has been in the works for decades now; and, after criticism for delays we've seen a recent flurry of strategic and military activity. The concern is the lack of needed and mutually beneficial socio-economic content
The President and top advisors have been busy the last several months holding
the first US Indo-Pacific Command joint exercise (Japan, Australia and the UK), establishing AUKUS (the Australia, UK, US security pact) and holding meetings of the Quadrilateral Security Dialogue between the US, Japan, Australia, and India. 
In all of this headlined activity there is little to show in the way of promoting regional trade and investment despite there being a significant desire and need for it among, for example, the 10 countries of Association of Southeast Asian Nations (ASEAN).

Based on annual surveys by the ISEAS-Yusof Ishak Institute of the leaders of the countries that make up this regional grouping, there is an acknowledgement of the rapid rise of China to position of the most influential economic power, a concern about this trend, and an interest in becoming more economically aligned with the US.

Despite this interest, the dire need in the wake of regional economic disruptions caused by the pandemic, and the fact that the region now forms the world's largest trading bloc through the formation of the China-inclusive Regional Comprehensive Economic Partnership
(RCEP), the US has shown little inclination to reengage commercially since its withdrawal several years ago from its plan to form the Transpacific Partnership (TPP).

It is wishful thinking that the Biden Administration could in short order overcome US domestic opposition to re-join the TPP (now the CPTPP) despite
the painstakingly negotiated clauses on intellectual property rights, labor standards, and environmental protection. Even the fear of being left out of Asia-Pacific trade as S. Korea, the UK, Canada, Thailand, the Philippines, Indonesia, and China all express interest in joining the CPTPP has not been enough to spur action.

As very well outlined by former Acting Deputy US Trade Representative  Wendy Cutler in Reengaging the Asia-Pacific on Trade: A TPP Roadmap for the Next U.S. Administration there are interim measures that can be taken while domestic support for a more comprehensive agreement is shored up. On pages 19-21 Cutler lists options as:
  • return to the original TPP
  • accede to the CPTPP
  • renegotiate the CPTPP
  • pursue interim sectoral deals

Pursuing interim sectoral deals is seen as the most viable in the near term. Potential sectors for such deals include:

  • digital trade
  • medical or other essential products
  • environment/ climate

For use as reference, similar agreements, she posits, have already been successfully concluded by Singapore,
New Zealand, and Japan. Moreover, some groundwork has been laid with the drafting of specific sections of the US-Mexico Canada Trade Agreement.

Any such negotiations could be done relatively quickly by the Executive branch in consultation with rather than approval from Congress.

Note that Cutler also offers a formula for the support of sectors negatively impacted by such trade agreements.

A couple of months ago, the White House did announce initiatives to expand the US-ASEAN strategic partnership. The trade promotion measures included represent a start, but far more is needed.

As a matter of urgency, we need to be concerned about any pivot to the Asia-Pacific that does not include a substantial focus on what is needed in the region, what the region wants, and what would be beneficial to us here in the Pacific Northwest and beyond---trade and investment promotion.


(The opinions expressed in this newsletter are those of the author and do not reflect the opinion of the World Trade Center Tacoma, its staff, management, or sponsors.)
We Made the List!
The World Trade Center Tacoma is proud to have made it onto the Tacoma-Pierce County Chamber of Commerce's
From Local to Global Workshops
The WTC Tacoma is partnering with the UWT Milgard School of Business in co-promoting the EMP.

Next Session: January 20 - March 24, 2022
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