We urge reform, but we will also do all we can to help countries that are being hurt by the crisis and that we are committed to reform. We take this approach because Asia includes not only some of our closest allies and friends, but also some of tic best customers for our products and services. More than one-third of our exports go to this part of the world. I do not need to tell you that the crisis has already caused a slowdown in our exports and an increase in our trade deficit. The risk the crisis will spread and cause long term harm to the global economy cannot be ignored.
Official assistance can help countries get through the worst days of the crisis.
That is why the United States has provided significant resources to the IMF, the World Bank and the Asian Development Bank to help Asian economies recover, why we are working with these institutions to help strengthen the social safety net, and why we are providing hundreds of millions of dollars in humanitarian aid to the people of this region. But I've also have to recognize that this crisis is not going to be resolved by aid alone. One thing aid cannot do is to make up for the billions of dollars in new private investment Asian economies are losing. Foreign direct investment will be essential to getting this region back on track. It spurs exports.