America’s shifting economic dominance and relations with Asia were discussed by Christopher Padilla, Undersecretary for International Trade at the US Department of Commerce, who spoke to a packed house at the American Enterprise Institute. He stressed the importance of forming free trade agreements with Asian countries, especially Korea and China.

According to Padilla, 60 percent of economic activity in Asian nations occurs within the continent, and the numbers are growing. He warned that continued stalling on the part of congress could result in huge economic losses for the United States.

The Undersecretary believes free trade agreements with nations like Korea are key to the United States’s continued influence in the region. Padilla stated that a hefty portion of the global GDP comes from Asia – nearly 40 percent – and the United States must solidify trade relations to ensure continued trade opportunities and economic superiority. In addition, he stressed the importance of continued dialogue between the East and West to facilitate both economic and international agendas.

Undersecretary of Commerce for International Trade Christopher Padilla says that the United States will cede its economic leadership in Asia if Congress fails to pass the Korea Free Trade Agreement, increasing the likelihood that the United States will be left out of future trade agreements. (0:44)

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Under Secretary of Commerce for International Trade Christopher Padilla says China has replaced Japan as the “bogeyman of the 21st century,” adding that the United States’s reluctance to participate in free trade with Asia is comparable to an Olympic sprinter calling for a timeout as the race starts. (0:54)

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