In fact, all who benefit from open, free, transparent, and fair competition have a vital interest and a responsibility to follow the rules. Enough of the world’s commerce takes place with developing nations, that leaving them out of the rules-based system would render the system unworkable. And that, ultimately, that would impoverish everyone.
The businessmen and women of Asia seek the benefits that these principles offer. Malaysian manufacturers want access to markets overseas. Indian firms want fair treatment when they invest abroad. Chinese artists want to protect their creations from piracy. Every society seeking to develop a strong research and technology sector wants intellectual property protections because, without them, innovation comes with a much higher risk and fewer rewards. People everywhere want to have the chance to spend their earnings on products from other places, from refrigerators to iPods.
Now, these four principles are easily uttered and embraced, but they do not implement themselves. So our challenge is always to translate them into practice. And my country is hard at work doing that, and we encourage other governments to join us in this effort.
The United States is taking steps to promote these principles around the world through multilateral and regional institutions, new trade agreements, and outreach to new partners, to enlist us all in the quest for inclusive, sustainable growth. These steps are connected to and build upon the work we are doing to revitalize our own economy.
First, we are working through regional and international institutions to achieve balanced, inclusive, and sustainable growth. That starts with our commitment to APEC, the premier organization for pursuing economic integration and growth in the Asia-Pacific region. And President Obama is pleased to be the chair and host of APEC this year in Hawaii.
We want APEC to address next-generation trade and competition challenges, like strengthening global supply chains; empowering smaller companies to connect to global markets; promoting market-driven, non-discriminatory innovation policy. We are pursuing a low-carbon agenda by working to reduce barriers to trade in clean-energy technologies, and we hope to reach agreement on implementing transparency principles to promote economic growth and the rule of law on a 21st century field of play.
Because burdensome regulations and incompatible sets of rules in different countries can hold back trade and growth every bit as much as tariffs, we are also working at APEC to find common ground on transparent, effective regulation, with broader public consultation and better coordination. The quality of the rules we put in place is just as important as our willingness to enforce them.