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Asia posing challenge to American competitiveness: US Chamber
AFP - Washington
Asian economies like India and China are posing an unprecedented challenge to
US competitiveness, a top American business lobby has warned, seeking firm government
steps to secure the nation’s leadership.
The US Chamber of Commerce, representing three million firms, said although
the United States was strong and outperforming virtually all of the major economies
in the world, it has failed to address this challenge.
“We have a good economy today - the kind of economy that much of the rest
of the world only dream about,” the Chamber’s president, Mr Thomas
Donohue, said at a news conference outlining the group’s priority issues
for 2005.
“Yet, we must also recognise that our competitive position is being challenged
as never before,” he said. “The rapidly developing economies of China,
India and East Asia are becoming major players in cutting edge industries.”
They are catching up with the United States, particularly in technology, business
services and high-end manufacturing, he said.
Aside from Asia, Mr Donohue said, the US needed to be wary of the European Union,
which was consolidating and enlarging its economic power while aggressively
expanding its regulatory impact in areas from anti-trust policy to food production
to climatic change.
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