in the very heart of the Indo-Pacific --

to address the people and business leaders

of this region.

This has already been a remarkable week for the

United States in this wonderful part of the world.

Starting from Hawaii, Melania and I traveled to

Japan, South Korea, and China, and now to Vietnam,

to be here with all of you today.

Before we begin, I want to address all those affected

by Typhoon Damrey.

Americans are praying for you and for your recovery

in the months ahead.

Our hearts are united with the Vietnamese people

suffering in the aftermath of this terrible storm.

This trip comes at an exciting time for America.

A new optimism has swept all across our country.

Economic growth has reached 3.2 percent,

and going higher.

Unemployment is at its lowest level in 17 years.

The stock market is at an all-time high.

And the whole world is lifted by America's renewal.

Everywhere I've traveled on this journey, I've had

the pleasure of sharing the good news from America.

But even more, I've had the honor of sharing our

vision for a free and open Indo-Pacific -- a place

where sovereign and independent nations, with

diverse cultures and many different dreams, can all

prosper side-by-side, and thrive in freedom and in peace.

I am so thrilled to be here today at APEC,

because this organization was founded to help

achieve that very purpose.

America stands as a proud member of the community of

nations who make a home on the Pacific.

We have been an active partner in this region

since we first won independence ourselves.

In 1784, the first American ship sailed to

China from the newly independent United States.

It went loaded with goods to sell in Asia, and it

came back full of porcelain and tea.

Our first president, George Washington himself,

owned a set of tableware from that ship.

In 1804, Thomas Jefferson sent the explorers, Lewis

and Clark, on an expedition to our Pacific Coast.

They were the first of the millions of Americans who

ventured west to live out America's manifest destiny

across our vast continent.

In 1817, our Congress approved the first

full-time Pacific development

of an American warship.

That initial naval presence soon grew into a

squadron, and then a fleet, to guarantee

freedom of navigation for the growing number of

ships, braving the high seas to reach markets in

the Philippines, Singapore, and in India.

In 1818, we began our relationship with the

Kingdom of Thailand, and 15 years later our two

countries signed a treaty of friendship and commerce --

our first with an Asian nation.

In the next century, when imperialist powers

threatened this region, the United States pushed

back at great cost to ourselves.

We understood that security and prosperity

depended on it.

We have been friends, partners, and allies in

the Indo-Pacific for a long, long time, and we

will be friends, partners, and allies for a long time to come.

As old friends in the region, no one has been

more delighted than America to witness, to

help, and to share in the extraordinary progress you

have made over the last half-century.

What the countries and economies represented here

today have built in this part of the world is

nothing short of miraculous.

The story of this region in recent decades is the

story of what is possible when people take ownership

of their future.

Few would have imagined just a generation ago that

leaders of these nations would come together here

in Da Nang to deepen our friendships, expand our

partnerships, and celebrate the amazing

achievements of our people.

This city was once home to an American military base,

in a country where many Americans and Vietnamese

lost their lives in a very bloody war.

Today, we are no longer enemies; we are friends.

And this port city is bustling with ships from

around the world.

Engineering marvels, like the Dragon Bridge, welcome

the millions who come to visit Da Nang's stunning

beaches, shining lights, and ancient charms.

In the early 1990s, nearly half of Vietnam survived

on just a few dollars a day, and one in four did

not have any electricity.

Today, an opening Vietnamese economy is one

of the fastest-growing economies on Earth.

It has already increased more than 30 times over,

and the Vietnamese students rank among the

best students in the world.

(Applause)

And that is very impressive.

This is the same story of incredible transformation

that we have seen across the region.

Indonesians for decades have been building

domestic and democratic institutions to govern

their vast chain of more than 13,000 islands.

Since the 1990s, Indonesia's people have

lifted themselves from poverty to become one of

the fastest-growing nations of the G20.

Today, it is the third-largest democracy on Earth.

The Philippines has emerged as a proud nation

of strong and devout families.

For 11 consecutive years, the World Economic Forum

has ranked the Philippines first among Asian

countries in closing the gender gap and embracing

women leaders in business and in politics.

(Applause)

Kingdom of Thailand has become an

upper middle-income country in less than a generation.

Its majestic capital of Bangkok is now the most

visited city on Earth.

And that is very impressive.

Not too many people here are from Thailand.

(Applause)

Malaysia has rapidly developed through

recent decades, and it is now ranked as one of the

best places in the world to do business.

In Singapore, citizens born to parents who

survived on $500 dollars a day are now among

the highest earners in the world -- a transformation

made possible by the vision of Lee Kwan Yew's

vision of honest governance and the rule of law.

(Applause)

And his great son is now doing an amazing job.

As I recently observed in South Korea, the people of

that Republic took a poor country ravaged by war,

and in just a few decades turned it into one of the

wealthiest democracies on Earth.

Today, South Koreans enjoy higher incomes than the

citizens of many European Union countries.

It was great spending time with President Moon.

Everyone knows of China's impressive achievements

over the past several decades.

During this period -- and it was a period of great

market reforms -- large parts of China experienced

rapid economic growth, jobs boomed, and more than

800 million citizens rose out of poverty.

I just left China this morning and had a really

productive meeting and a wonderful time with our

gracious host, President Xi.

And, as I saw on my first stop of this trip, in

Japan we see a dynamic democracy in a land of

industrial, technological, and cultural wonders.

In fewer than 60 years, that island nation has

produced 24 Nobel Prize winners for achievements

in physics, chemistry, medicine, literature, and

the promotion of peace.

(Applause)

President Abe and I agree on so much.

In the broader region, countries outside of APEC

are also making great strides in this new

chapter for the Indo-Pacific.

India is celebrating the 70th anniversary of its independence.

It is a sovereign democracy, as well as --

think of this -- over 1 billion people.

It's the largest democracy in the world.

(Applause) Since India opened its economy, it has

achieved astounding growth and a new world of

opportunity for its expanding middle class.

And Prime Minister Modi has been working to bring

that vast country, and all of its people, together as one.

And he is working at it very, very successfully, indeed.

As we can see, in more and more places throughout

this region, citizens of sovereign and independent

nations have taken greater control of their destinies

and unlocked the potential of their people.

They've pursued visions of justice and

accountability, promoted private property and the

rule of law, and embraced systems that value hard

work and individual enterprise.

They built businesses, they built cities, they

built entire countries from the ground up.

Many of you in this room have taken part in these

great, uplifting national projects of building.

They have been your projects from inception to

completion, from dreams to reality.

With your help, this entire region has emerged --

and it is still emerging -- as a beautiful

constellation of nations, each its own bright star,

satellites to none -- and each one, a people, a

culture, a way of life, and a home.

Those of you who have lived through these

transformations understand better than anyone the

value of what you have achieved.

You also understand that your home is your legacy,

and you must always protect it.

In the process of your economic development,

you've sought commerce and trade with other nations,

and forged partnerships based on mutual respect

and directed toward mutual gain.

Today, I am here to offer a renewed partnership with

America to work together to strengthen the bonds of

friendship and commerce between all of the nations

of the Indo-Pacific, and together, to promote our

prosperity and security.

At the core of this partnership, we seek

robust trade relationships rooted in the principles

of fairness and reciprocity.

When the United States enters into a trading

relationship with other countries or other

peoples, we will, from now on, expect that our

partners will faithfully follow the rules just like we do.

We expect that markets will be open to an equal

degree on both sides, and that private industry, not

government planners, will direct investment.

Unfortunately, for too long and in too many

places, the opposite has happened.

For many years, the United States systematically

opened our economy with few conditions.

We lowered or ended tariffs, reduced trade

barriers, and allowed foreign goods to flow

freely into our country.

But while we lowered market barriers, other

countries didn't open their markets to us.

Male Speaker: (Inaudible)

The President: Funny.

They must have been one of the beneficiaries.

(Applause)

What country do you come from, sir?

Countries were embraced by the World Trade

Organization, even if they did not abide by its

stated principles.

Simply put, we have not been treated fairly by the

World Trade Organization.

Organizations like the WTO can only function properly

when all members follow the rules and respect the

sovereign rights of every member.

We cannot achieve open markets if we do not

ensure fair market access.

In the end, unfair trade undermines us all.

The United States promoted private enterprise,

innovation, and industry.

Other countries used government-run industrial

planning and state-owned enterprises.

We adhered to WTO principles on protecting

intellectual property and ensuring fair and equal

market access.

They engaged in product dumping, subsidized goods,

currency manipulation, and predatory industrial policies.

They ignored the rules to gain advantage over those

who followed the rules, causing enormous

distortions in commerce and threatening the

foundations of international trade itself.