Address from Under Secretary of State Robert D. Hormats on Global Economic Challenges

On Monday, November 15, NDN hosted Under Secretary of State for Economic, Energy, and Agricultural Affairs Robert Hormats for an important address on global economic challenges. Secretary Hormats’ address followed the President's trip to India, Indonesia, South Korea, and Japan, where he spoke to America’s economic interests in the world at the G20 and APEC Summits, and met with leaders of some of the world’s most important, fast-growing emerging economies. 

As new economic powerhouses arise across the world, the prosperity of Americans will increasingly depend on our successful engagement with the changing economic order of the 21st century. Secretary Hormats and the State Department are central to these efforts to advance American economic interests as a key component of foreign policy. 

A full transcript of Secretary Hormats's remarks is available here.

Video of the event is here:


Full remarks:


Under Secretary of State Robert Hormats Address on Global Economic Challenges
November 15, 2010 

Many thanks, Simon.  And, first of all, before I begin let me thank you for the very kind introduction.  I didn’t know we were both Jumbos either.  But I also wanted to take a moment to thank you for your leadership, your intellectual leadership and the very dynamic efforts you’ve made not just in terms of developing new ideas but really pushing them through the political process in Washington.  

You have taken some of the very best ideas that you and Rob Shapiro and others have generated.  You and Rob have and not just talked about them but focused a great deal of public attention on them and helped people to understand that we have to make some major changes in this country if we are going to cope with and respond to the changes that are going on in the global economy. 

Coming back from the trip I just made, where I was in China and then with the president in Korea and in Japan, and having frequently visited various parts of that region, we’re engaged in a competitive world that is unlike any that we have experienced in the past.  There are more countries that are more competitive in more products and more services than ever before in world history.  

I think that a lot of Americans are perhaps not as aware as they should be about the fact that United States is going to have to make some enormous changes domestically in order to compete in this dramatically changed environment and to ensure that living standards for our own people continue to improve even as other countries through their own methods and through their own policies are advancing living standards for their people.  But this is a much more competitive environment. As Lincoln said, “Because the circumstance are new we have to think anew and act anew,” and I don’t think we are doing that adequately in this country.  

Simon and his team have really been beating the drums on that point and many others for a very long time.  I commend you for that and I think that from the point of view of at least my role in the State Department, our collaboration with you and Rob, our working together, our various conversations over the last weeks, months and year, since I’ve been this job,