Hillary Rodham Clinton
Secretary of State
Economic Club of New York
New York City
October 14, 2011
We are also committed to strengthening the economic dimensions of our closest relationships. Together, America and Europe account for half of the world's economic output, but just one-third of global trade. We can and we should be trading more. At the Trans-Atlantic Economic Council, too often we re-litigate regulatory differences when we ought to be resolving them and avoiding new ones. And this frustrates companies on both sides of the Atlantic. The Trans-Atlantic Economic Council is the forum where we try to resolve these differences, and I believe harmonizing regulatory schemes between the United States and the EU is one of the best ways we can both enhance growth, enhance exports, and avoid duplicative costs. But if you spend weeks arguing about the size of a jar for baby food, that's not exactly facing up to the potential of the payoff that comes from resolving these issues.
So we need to forge an ambitious agenda for joint economic leadership with Europe that as every bit as compelling as our security cooperation around the world. In every region, we are working to integrate economics into our diplomacy. Even in a U.S.-Russia relationship dominated for decades by politics and security, we are now focused on helping Russia join the World Trade Organization, and we are putting a special premium on protecting freedom of navigation and a rules-based approach to resource development in places like the South China Sea and the Arctic Ocean.
And of course, you can't talk about our economy or foreign policy without talking about energy. With a growing global population and a finite supply of fossil fuels, the need to diversify our supply is urgent. We need to engage traditional exporters and emerging economies alike, to bolster international energy security, and ensure that countries' natural wealth results in inclusive growth. So we are establishing for the first time in the State Department a Bureau of Energy Resources, to make sure all of our relationships include advancing our vital national interest in a secure, expanding, and ever cleaner source of energy. I plan to address these issues also in a later upcoming speech. But it's important to point out that when we decided, after I commissioned a study about what we were doing well, what we needed to do better, what we needed to add to the portfolio, what we could afford to drop, energy just stood out as an area that we had not focused on
in all of its complexity and importance.
As we embrace economic statecraft, it's not just our priorities that are changing. The way we pursue them is evolving as well. And this is my second point. We are honing our ability to develop and execute economic solutions to strategic challenges. A belief in the strategic power of economic forces is not new in American foreign policy. What is new is the reach and complexity of global markets; the expertise, sophistication, and creative cooperation needed across the whole of government for us to remain effective.