On October 17, 2011, Deputy Secretary for Management and Resources Thomas Nides delivered remarks to the Association of American Chambers of Commerce in Latin America's Annual Meeting in Washington, D.C. Deputy Secretary Nides said:
"Last Friday, the Secretary gave a major speech on what she called 'economic statecraft' -- how we use our diplomacy to strengthen our economy at home and how we use economic tools to strengthen our diplomacy abroad. And last week the Secretary sent formal instructions to every American diplomatic post around the world, highlighting the need to elevate the role of economics and business in everything we do. This is part of our larger effort to modernize the way we connect American companies with opportunities overseas; to break down barriers to trade, investment and fair competition and make sure that our presence around the world drives our economic recovery at home.
"This is a major priority for us. Let me walk you through part of the Secretary's argument: Around the world, we see countries gaining power and influence not because of their militaries, but because of their economies. Not just China and India but Brazil, Mexico and Colombia. That kind of growth has a magnetic pull in global politics -- one that has benefited America for decades. Meanwhile, closer to home, the American people are frustrated and hungry to get back to work. We need to use everything in our toolbox -- especially foreign policy. And over time, we know that a strong economy is necessary to fund the mix of diplomacy, development and defense that make American global leadership possible.
"The upshot is that Secretary Clinton was dead right when she said: 'America's economic strength and our global leadership are fundamentally a package deal.' And as we think about our future, it's not enough to look east to Asia. We have to look south to our own hemisphere.
"A focus on economics in our foreign policy leads us to Latin America and the Caribbean. We believe strong economic relationships in our neighborhood are a strategic necessity. And we know that sustainable, inclusive economic growth in Latin America and the Caribbean will benefit all of us."
Deputy Secretary Nides concluded:
"So let me end with a reminder of why this matters. No single military can compete with America's. And yet our leadership in the century ahead is not guaranteed. Why?
"Because -- as Secretary Clinton said -- we are living at a moment when economics is at the heart of what it means to lead in this world. What is economic is strategic and what is strategic is economic.
"And so we are counting on you to be part of America's economic statecraft -- which is central to how our country will sustain our leadership going forward. We can celebrate real accomplishments -- for Latin America and for free trade. But that progress pales next to what we can accomplish in the years ahead.
"Together we can help you help people across our hemisphere rise out of poverty. We can help emerging powers become strong partners in solving shared challenges. We can help America to recover economically. And we can be a force for opportunity that touches and improves the lives of people and families -- from the slums outside Lima to communities across this country. And if we can do that, we won't just have a strong America. We'll have a successful hemisphere and a better world."
You can read his full remarks here.