Business | Opinion
Obama blows off wannabe billionaires
There is no excuse for blowing off last week's Association of Southeast Asian Nations trade meeting in Vietnam
- By William Pesek, Bloomberg
- Published: 00:01 September 1, 2010
- Image Credit: AP
- US President Barack Obama.
For a guy who talked big about re-engaging Asia, Barack Obama has a funny way of showing it.
Nobody doubts the US president's team is supremely busy juggling oil spills, Muslim cultural centres, convincing ignoramuses he has a birth certificate and averting recession. Yet there's no excuse for blowing off last week's Association of Southeast Asian Nations trade meeting in Vietnam.
It was a dreadful decision and its significance didn't escape members of the fourth-biggest market for US goods. This is no time for the US to be taking the most dynamic economies for granted. Not with China becoming an ever-bigger player both in Asia and globally.
On any list of George W. Bush's failings, ignoring Asia deserves a prominent mention. When his administration bothered with Asia, it was all terrorism all the time. There was little talk about potential, cooperation or partnership. Bush just wanted to know how many bad guys governments were rounding up.
He tried to make amends in the twilight of his presidency, naming a US ambassador to Asean in 2008. Recently, Obama tapped that official, Scot Marciel, to be US ambassador to Indonesia. Obama hasn't bothered to name a new Asean envoy.
The US missed a timely opportunity last week to confer with the economic ministers of Asean's 10 members, along with counterparts from Australia, China, India, Japan, South Korea, New Zealand and Russia.
At a time of global crisis, one the US caused, does Obama really want to be sending a message of indifference to Asia? Coming a week after the announcement that China's economy has surpassed Japan's, the US' closest Asian ally, you would think the White House would be stepping up a charm offensive. Instead, it risks turning off the region.
"Confidence in the United States and its ability to lead and follow through on commitments is based on its economic well-being, and that status is being questioned by friends and competitors alike in Asia," Ernest Bower, an analyst at the Centre for Strategic and International Studies in Washington, wrote in a recent report.
China's rapid growth is slowly, but surely, chipping away at the US' importance. Granted, at almost three times China's economy, the US will long be a vital customer for Asia's goods. Officials here also know that depending on growth in a developing economy is risky.
Yet neglecting future trade ties with the liveliest economies is just plain dumb. Asia is churning out a fast-growing number of billionaires and is home to three billion consumers who aspire to join them. The US wants to be in on that process.
Obama's team could have learned about all of this, and much more, if it had only shown up in Asia. It should do so as soon as possible.
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