00:00Senator Young
00:02Thank You chairman. I want to pull a bit on that thread about the importance of having ambassadors in place
00:09It's it's unbecoming of a great power
00:12It is indeed embarrassing to our professionals like Secretary Campbell and to members of Congress alike
00:19And it's injurious to our foreign policy. So if we can't if we can't
00:24somehow
00:26persuade colleagues to
00:28to
00:29use
00:31To operate within the existing rules. Maybe we need to change the rules. It's something that's been
00:36Discussed for a long period of time. I know a number of my colleagues on the committee agree, but I just
00:42Encouraged them and others who are listening to let's give this another run as we approach years in and see if we can improve
00:49this situation moving forward
00:53Mr. Secretary, I'm so grateful for your service and your accessibility
00:58Thank you for for all you're doing and all you've done to serve our country
01:03The PRC continues to be defined as a developing country
01:09Defined by
01:11international financial institutions development banks this hampers our ability to get China to pay its fair share of
01:18contributions to
01:20multilateral institutions it ensures their access to generous loans and
01:25Financial terms from these selfsame institutions that they shouldn't have and it presents a normative challenge
01:34They refuse to demonstrate the leadership that a global power would so they want all the benefits of
01:41Being a global power
01:43But they don't want to put forward the same sort of work and resources that we would expect of a global power. So
01:51What do we do about this, how are we trying to deal with the
01:57hypocrisy of they're not really a developing country, but they claim that status and
02:03Are there steps that we can take?
02:06to
02:07Here in Congress or within the administration that have not yet been
02:11exploited to strip them of this developing nation status
02:16So first of all before I answer that question I do want to
02:22Thank you and commend you senator. Yeah, I would say the most important thing that we've been able to do is
02:28To understand that the high ground the strategic high ground that is necessary for us to continue to command is in technology
02:35And I don't think we would be able to do this
02:37You taught me a lot. I've tried to extend that not only what we're doing domestically, but internationally with partners
02:45It is a hugely
02:47Consequential area that we need to do more on and I just thank you for your leadership on this
02:53You said it perfectly
02:54I would say this you can't have it both ways you can't demand to be a great Bauer and then in certain
03:01Circumstances say I'm just a developing country. We have sought
03:05to
03:06Reform certain issues in the multilateral development banks and the international financial institutions
03:12We need we need more help along the road. My my biggest concern senator is not that China's not
03:20Providing resources globally they do but they're outside of these institution actually
03:26They're doing it in bilateral context where they can extract a quid pro quo
03:31They're doing it outside of the appropriate mechanisms that allow for a degree of transparency
03:37Which we think are essential and so I think just simply making the case more in international financial
03:45institutions about the
03:46Challenges this presents that's the World Bank. That's the EBRD. That's the Asian Development Bank
03:52This is an essential fight that we need we need to frankly raise the awareness on more substantially
03:59Well
04:01We have a role to play there as to of course
04:05All our diplomats, so we'll continue to focus on this important area
04:09with respect to technology
04:13Most especially our movement towards green energy we need critical minerals. I'm glad it's something you brought up and you're opening
04:21Comments if we can't get them through our deep sea beds by ratifying the laws
04:27The sea treaty which looks to be a challenge based on current circumstances
04:32Then we should look to Africa which is where the preponderance of these minerals are
04:38How can we help foster the public-private partnerships bringing American capital and expertise and standards?
04:46To Africa so that we can keep exploiting
04:51So that we can
04:54Exploring where we can get these minerals. So if you look at like a balance sheet of the top
05:0140 trace elements and minerals that are necessary for
05:06batteries or for
05:09Semiconductors the
05:11vast lion's share of
05:13Those supplies are now controlled by China and we start behind the eight ball
05:19We've got to you know, we we were late understanding that while we were playing a globalized game the Chinese were basically
05:27Cornering markets now, we've responded with a number of arrangements with specific countries
05:34We have a critical minerals agreement with Japan with Australia
05:38We've worked with other countries in Africa. The Lubita quarter will help us in this context
05:44I would simply say this is an area these these these mines are often dirty
05:50They the the processing is challenging. It's gonna take resourcing
05:55We have to do this with allies and partners more and frankly
05:58We've got to scour the globe and it won't be just Africa senator. It's Mongolia. Yes, it's countries in
06:06Southeast Asia and and it will be our intent to continue to prosecute this
06:11One one last point I think it's important to make because I didn't and I did not support the Inflation Reduction Act
06:17But the reason we pursued the Chips and Science Act and a handful of Republican colleagues
06:23Joined me on that effort was in part for purposes of economic resiliency
06:30The Inflation Reduction Act took the opposite approach we've become far more dependent on these upstream critical inputs
06:37And that was never I think seriously wrestled with before we took this approach to mitigating climate change. Thank you. Thank you. Thank you
