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. 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.