The U.S. Treasury secretary and the finance ministers from Indonesia and Singapore outline the steps needed to ensure robust trade between the United States and Asia and spur growth among APEC member states.
We have just lived through the greatest challenge to the world economy in generations. In acting together, policy makers have shown that they understand the most important lesson of this crisis: Our economies are inexorably linked. We must now work together to ensure strong, stable and balanced growth in the future.
That is why we will be working together at this week's Asia-Pacific Economic Cooperation (APEC) meeting in Singapore to couple adjustment in deficit countries like the U.S. with the more rapid growth of domestic demand in surplus countries. As U.S. households save more and the U.S. reduces its fiscal deficit, others must spur greater growth of private demand in their own economies.
We also must keep our sights on maximizing the potential of global markets. Both exports and imports remain critical stimulate the flow of knowledge and innovation that is enabling emerging economies to catch up with developed-world living standards.