Sec. 123. Report on entrenching American economic diplomacy in the Indo-Pacific
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/bill/117/hr/3524/rh/section-123·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
It is the sense of Congress that United States national interests and the primacy of United States power in the Indo-Pacific are intimately tied to the following economic objectives: Deepening United States trade and investment relationships in the region, especially with key allies and partners. Confirming American leadership and participation in global regional economic organizations and fora, including the Asia-Pacific Economic Cooperation
(APEC)and the World Trade Organization (WTO). Leveraging bilateral and plurilateral sectoral agreements on trade and investment, as well as negotiations at the WTO to reassert United States economic leadership by writing the rules of the road on critical economic questions. Building secure and resilient supply chains for industries critical for United States national interest, including semiconductors, vaccines, and personal protective equipment. Showcasing the benefits and appeal of a market-based economic model. Not later than 180 days after the date of the enactment of this Act, the Secretary of State, in coordination with the United States Trade Representative and the Secretary of Commerce, shall submit a report to the appropriate committees of Congress that presents the steps the United States is taking and plans to take to achieve the objectives outlined in subsection
(a)and includes specific action plans for the following: Enhancing United States trade and investment relationships in the region bilaterally and plurilaterally, especially with United States allies and the Association of Southeast Asian Nations. Reenergizing APEC as a critical component of the region’s economic architecture. Work to ensure that the United States absence from the Comprehensive and Progressive Agreement for Trans-Pacific Partnership and the Regional Comprehensive Economic Partnership do not undermine the United States’ ability to shape regional trade and investment rules. Working with allies and partners to build resilient and trusted supply chains especially for critical and emerging technologies, including semiconductors, and products and components critical for national health, including vaccines and related materials and personal protective equipment. Driving the formation and adoption of high-standards and rules for the region in the following areas: Advanced technologies and the digital sphere. Labor practices and environmental standards. Intellectual property rights. Developing roadmaps for how to counter the PRC’s unfair trade and economic practices, with a specific focus on— subsidies and unfair competition by state-owned enterprises; and corruption and politicized infrastructure. In this section, the term appropriate committees of Congress means— the Committee on Foreign Relations and the Committee on Banking, Housing and Urban Affairs; and the Committee on Foreign Affairs and the Committee on Energy and Commerce.