US expresses commitment to enhancing economic connectivity across Pacific region


(MENAFN) Speaking at the Pacific banking Forum in Brisbane, Australia, Treasury Secretary Janet Yellen emphasized the United States' commitment to enhancing economic connectivity, development, and opportunity across the Pacific region. Yellen underscored the mutual benefits for both the US and the global Economy in fostering a strong and interconnected Pacific region. She highlighted the importance of ensuring that individuals and businesses in the region have robust access to the global financial system as a cornerstone of achieving these goals.

Central to the US strategy, Yellen noted, is bolstering the economic resilience of the Pacific region, which includes efforts to strengthen access to correspondent banking services. Correspondent banking, she explained, plays a crucial role in facilitating remittances, enhancing financial inclusion, promoting healthy market competition in financial services, supporting trade finance, facilitating infrastructure and development project financing, and bolstering economic and financial system resilience against shocks.

Yellen further elaborated on the significance of correspondent banking relationships, describing them as vital partnerships between financial institutions that enable cross-border banking services and act as intermediaries between domestic and international banks. She highlighted recent initiatives, such as the US Treasury's memorandum of understanding with the Pacific Islands Forum Secretariat in March, aimed at enhancing the Pacific region's capacity to address correspondent banking needs. Yellen also emphasized ongoing collaboration with the World Bank to explore sustainable solutions on a regional scale.

Brian Nelson, Treasury Under Secretary for Terrorism and Financial Intelligence, reiterated the US government's recognition of the economic and strategic importance of the Pacific region. He affirmed the commitment to deepen engagement and collaboration with allies and partners to strengthen financial connectivity, encourage investment, and promote integration across the region.

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