Home ›› 30 Apr 2023 ›› Opinion
In recent times, the issue concerning the Indo-Pacific strategy initiated by the US has come under much discussion among global leaders and also the general people.
The Indo-Pacific region, stretching from the Pacific coastline to the Indian Ocean, drew attention of the White House for many reasons. Some presidents in the White House began to dream of bringing economic prosperity to the region. Their dream was also to establish peace and stability in the area.
The importance of the continent of Asia to some US presidents was always pertinent for many reasons.
One of the most influential presidents in the US, George W. Bush, clearly understood Asia’s growing importance and subsequently engaged with China, India and Japan. Afterwards, the widely acclaimed 44th president, Barack Obama, took the issue seriously and advanced initiatives in the area of diplomatic, economic and military resources.
In one of his messages, President Donald Trump termed the Indo-Pacific region as the world’s centre of gravity.
Ultimately, during the rule of 46th President Joe Biden, the Indo-Pacific strategy issue came to light and the US is determined to boost its long-term position in and commitment to the Indo-Pacific. The White House is committed to focusing on every corner of the region from Northeast Asia and Southeast Asia to South Asia and Oceania including the Pacific Islands. The United States is committed to an Indo-Pacific that is free and open, connected, prosperous, secure and resilient.
For decades, the White House in the US has put eyes on Asian affairs related to peace, security and economic issues. Basically, their attention on the Indo-Pacific region began to fall given many reasons. The Indo-Pacific region stretches from the Pacific coastline to the Indian Ocean. It is important to note that the region is home to more than half of the world’s people and about two-thirds of the world’s economy.
To materialize the US dreams in the Indo-Pacific region, the current administration has been working hard. The US administration aspires to go ahead along with its allies and partners in the region. The partners and allies of the US, which are related to the Indo-Pacific Strategy, will surely experience significant developments in many fields. Under the new strategy, the US is committed to working closely with like-minded partners in the world so that the region remains open and accessible to all.
What must be ensured is that the region’s skies and seas are governed in line with international norms and law. The role of the US in modernising its long-standing alliances, strengthening emerging partnerships and investing in regional organizations will come under the strategy. The role will definitely empower the Indo-Pacific in a bid to adapt to the 21st century’s challenges.
The Indo-Pacific region accounts for over half of the world’s people and 65 per cent of the world’s ocean area. The region deals with 60 per cent of the global GDP and about two-thirds of the world economy. According to the White House paper, the number of military personnel in the region is eye-catching which supports more than three million American jobs and is the source of nearly $ 900 billion in foreign direct investment (FDI) in the US.
The White House paper also revealed that the United States will pursue five objectives in the Indo-Pacific: (1) Advance a free and open Indo-Pacific (2) Build connections within and beyond the region (3) Drive regional Prosperity (4) Bolster Indo-Pacific security and (5) Build regional resilience to transnational threats. Based on these five objectives, the US vows to bring dynamism in the region. Under objective-2, the relations with five regional treaty alliances- with Australia, Japan, the Republic of Korea, the Philippines, and Thailand- will be strengthened to a great extent. An alliance that leads in Southeast Asia, styled the Association of Southeast Asian Nations (ASEAN) has brought a positive outlook to the United States under the strategy.
The US will deepen long-standing cooperation with ASEAN at the time of launching new high-level engagements on the issues relating to health, climate and environment, energy, transportation, and gender equity and equality. ASEAN will be turned into a leading regional alliance in the days to come.
The introduction of the Indo-Pacific strategy not only connects government-to-government relations but also bridges people-to-people connections. It has been learned that the US is the leading international provider of education to students from the Indo-Pacific area. About 68 per cent of students belonging to the Indo-Pacific region study in the US.
Under the objective titled ‘Drive Indo-Pacific Prosperity’ lots of plans and programmes have been taken in hand in a bid to see broad-based economic growth in the region. The plans include encouraging innovation, strengthening economic competitiveness, producing good-paying jobs, rebuilding supply chains and expanding economic opportunities for middle-class groups. It is expected that around 1.5 billion people in the Indo-Pacific are likely to join the global middle class this decade according to White House estimation.
The US will put forward an innovative economic framework aiming to equip the economies lying in the region. Through building economic integration with one another, the region will be turned into a competitive economic hub. Trade and commerce between the US and the region concerned are expected to rise to a great extent in the times to come. The White House paper said that two-way trade between the US and the Indo-Pacific region stood at $1.75 trillion in 2020.
FDI from the US in the region totalled more than 969 billion in 2020. As the US still remains the number one investment partner in ASEAN member countries, there is a huge possibility of an inflow of more FDI in future. The partners will make shared investments and work in the Asia-Pacific Economic Cooperation (APEC) to promote free, fair, and open trade and investment during the host year, 2023 and beyond.
After releasing the Indo-Pacific Strategy the US and many countries began their move in respect of disclosing their own outlooks. The countries- Australia, Britain, India, Indonesia, Japan, the Philippines, and Mongolia have already adopted the Indo-Pacific strategy. Besides, the European Union, the UK, France, Germany, South Korea and Canada have also announced their Indo-Pacific strategy.
Most recently, Bangladesh came under focus by announcing a 15-point Indo-Pacific Outlook (IPO). In a bid to become a modern and knowledge-based developed nation by 2041, an IPO has been revealed. Mainly, Bangladesh in its IPO gave emphasis on infrastructure and economic development as part of the current demand in the economy. Considering the current situation, the Indo-Pacific strategy concept would greatly help Bangladesh in getting FDI.
The inflow of FDI coupled with expanding trade activities with the US has become an essential issue in addressing LDC graduation challenges. As a nation, Bangladesh keeps its diplomatic relations balanced for the sake of economic development. To elevate economically, keeping balance in geo-political affairs is a crucial requirement. Bangladesh’s engagement with Indo-Pacific Strategy through IPO is a praiseworthy initiative.
The writer is economic affairs analyst. He can be reached at mazadul1985@gmail.com
