May 10, 2022
The global landscape is rapidly changing due to the ongoing COVID-19 pandemic, supply chain issues, and Russia’s invasion of Ukraine. These changes have impacted economies worldwide and are transforming and creating new marketplaces and opportunities.
The U.S. Chamber’s 2nd Annual Global Forum looked at this changing landscape during a keynote address by the Honorable Gina Raimondo, the U.S. Secretary of Commerce, who observed how these global events impact America’s competitiveness.
Forming a United Front With Allies to Support Ukraine
Around the world, allies have come together to stand up against the Russian advances in Ukraine. Raimondo described the importance of this unity
“Together with our allies around the world, we have formed a united front to respond to Russia's unjustified, inhumane invasion of Ukraine,” Raimondo said. “We've implemented a sweeping series of stringent export controls targeting Russia's defense, aerospace, and maritime sectors.”
“These actions are having their desired effects, thanks to the momentous cooperation between the U.S. and our allies,” she continued. “Together, we're making it clear that we will not tolerate Russia's aggression against a democratically elected government.”
The Commerce Department Is Setting Global Standards
The Commerce Department is “deeply involved” with the US-EU Trade and Technology Council (TTC), “a key forum to set the rules of the road for technology, in accordance with our democratic values,” Raimondo said.
“We're updating and aligning our standards for things like cybersecurity and artificial intelligence,” Raimondo said. “We're shaping policies in areas like data governance and competition. We're supporting transatlantic supply chains and delivering for people and businesses in our countries.”
In 2022, the TTC’s impact is helping to shape standards and policies which benefit American businesses as they deal with digital transformation, the pandemic, the current geopolitical landscape, and fluctuating economies.
“TTC’s work will help American businesses access markets, reach new consumers, create new jobs at home, and ensure that Europe's policies don't impede U.S. competitiveness,” Raimondo said.
Changes to the Indo-Pacific Region’s Economy
According to Raimondo, U.S. partners and allies in the Indo-Pacific region are hungry for American leadership. Boasting some of the most dynamic economies in the world, she discussed how these allies want to expand and collaborate.
“They want to work with us on areas like supply chains, clean energy, and technology,” Raimondo explained. “The region is growing quickly. The World Bank projects Malaysia will transition to a high-income economy within the next six years, and more than a billion Asians are expected to join the global middle class by the end of this decade.”
To facilitate this, Raimondo is co-leading an effort by the Biden-Harris administration to create the new Indo-Pacific economic framework.
“[The framework] will help us identify opportunities to collaborate on shared priorities, like infrastructure investment, semiconductors, research and development, and standards for AI and privacy,” she said. “Coordination in these key areas, with allies and partners, is essential not only for global economic recovery, but to ensure American businesses are positioned to seize new opportunities in a post-pandemic world. Each of these efforts is integral to our broader goal of increasing America's competitiveness in the global economy.”
From the Series