US finance chief to raise China currency on Asia trip

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US Treasury Secretary Jack Lew will raise concerns about China’s trade policies and seek headway on an Asian trade pact during a visit next week.

Lew will start a trip Tuesday to Japan then visit three other countries in the Trans-Pacific Partnership negotiations – Singapore, Malaysia and Vietnam – before talks Friday in Beijing, the Treasury Department said on Friday.

“In China, he will discuss progress on the reform agenda and efforts to level the playing field for US workers and business,” a Treasury Department statement said.

Lew will also speak with China about enforcement of sanctions on Iran and North Korea over their disputed nuclear programs, it said.

The Treasury Department last week charged that China’s yuan currency remains undervalued, which gives the manufacturing superpower a trade advantage.

But the Treasury stopped short of branding China a currency manipulator, a designation that could trigger sanctions.

President Barack Obama’s administration has preferred quiet diplomacy with China and the yuan has gradually been rising, largely in response to inflationary concerns.

But in recent months, the Obama administration has been vocal in pressing China to crack down on theft of intellectual property, which a report this year said was costing US industry billions of dollars a year.

The United States has generally supported an aggressive push by Japanese Prime Minister Shinzo Abe to boost the world’s third-largest economy, although US lawmakers have also voiced concern about the depreciation of the yen.

Abe has brushed aside concerns by Japanese farmers to enter talks on the Trans-Pacific Partnership, a US-driven effort to create a vast free-trade zone.

The pact would bring together the economies of Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States and Vietnam.

The countries, which account for more than one-third of the global economy, have called for an agreement by the end of the year but several officials have admitted publicly that the goal is unrealistic.

 

 

 

Source : Channel News Asia | November 9, 2013

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About thomasdinnocenzi

Thomas D'Innocenzi is a highly accomplished, results-focused senior international executive with extensive experience in global sourcing and market development worldwide to meet evolving business needs. Tom has proven ability in implementing and managing profitable global sourcing operations worldwide. Extensive experience in international market development operations to accommodate rapid growth. Skilled in building top-performing teams, benchmarking performance, and restricting organizations to improve efficiency, productivity, and profitability. Experienced transition leader and change agent. As principal of Nova Advisors, LLC I’ve assembled an exemplary team that brings with them the knowledge and experience gained from starting up a Global Sourcing program with multiple Fortune 500 companies as well as the largest supplier network throughout the Asia-Pacific region. We have experience and expertise in more than a thousand medical and pharmaceutical products in manufacturing and sourcing at the best value. The right product, the right price point and the right branding fueled these successes that resulted in double-digit growth for top line sales and bottom line net margins for our customers. What sets us apart: • Our reach includes a large network of suppliers & manufacturers spanning 13 countries in Asia-Pacific region • We understand the manufacturing process and the business of the supplier and the buyer • Our company culture is based on quality assurance and our process is based on local quality control Our commitment is to be your partner offering the best products and services at the lowest cost. Contact me to discuss how we can make the global marketplace work for you. thomas@novaadvisors.com In addition, I am open to discussing opportunities in global sourcing, international marketing & sales, logistics and medical/pharma in Thailand, Vietnam, Malaysia, Philippines & Japan. Aside from my work I enjoy piano, astronomy, physics, and assisting my daughters with their studies. SPECIALTIES: Global Sourcing, Supply Chain Management, Business Development, Marketing, Logistics, Global Networking, Market Development, Healthcare Solutions, Pharmaceuticals, Medical Devices, Technology, Asia, Southeast Asia, US and Canada
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