Australia is joining forces with the United States and Japan to pull more private infrastructure investment into poor countries in Asia and the Pacific in what will be a rival vision to China's massive state-led Belt and Road Initiative.
Mr Pompeo made pointed reference to this in his speech to the US Chamber of Commerce "The United States of America does not invest for political influence, but rather practices partnership economics", he said.
"These funds represent just a downpayment on a new era in United States commitment to peace and prosperity in the Indo-Pacific region", he said. "We thus have never and will never seek domination in the Indo-Pacific, and we will oppose any country that does".
The US Chamber of Commerce estimates Asian economies are projected to create 50 percent of global GDP in the coming decades and to realise that potential "the countries of the Indo-Pacific will need to attract almost $US26 trillion in capital to fund their energy and infrastructure needs".
"To be clear, the US government doesn't tell American companies what to do", he said.
That work will continue, he maintained, as "it is clearly in America's strategic interest to deepen engagement in the Indo-Pacific region".
"The fact is that we demonstrate consistently that Australia is very focused on making sure that we can help the least-developed economies in our region to get on to a more economically sustainable footing", he said.
Australia's diplomatic relationship with China, its most important trading partner, has been strained since December when Prime Minister Malcolm Turnbull said Chinese meddling in the nation's government and media were a catalyst for new anti-foreign interference laws, which passed parliament last month. The trilateral partnership will be formalized "in due course", Bishop said.
US President Donald Trump's economic strategy for Australia and the rest of the Indo-Pacific region will be unveiled at a major event in Washington DC. We want it to be free, we want it to be open. "Economic security is national security", Pompeo said.
"This is created to provide mechanism that will allow more private-sector funding for the infrastructure projects that countries in this region need", Kirchner said.
This will start with a $25 million initial investment to improve partner countries' digital connectivity and expand opportunities for United States technology exports.
"We will draw on all of these to grow sustainable and secure energy markets in the Indo-Pacific", he said. "Integrity in businesses practices is an essential pillar of our Indo-Pacific economic vision".
Labor leader Bill Shorten said the government was just playing catch-up, after "dropping the ball" in the Pacific and eroding its leadership role by slashing overseas aid by nearly $12 billion to its lowest levels in history.
Pompeo will also announce funding to support Asean through US-Asean Connect, the APEC (Asia-Pacific Economic Cooperation) forum and the Lower Mekong Initiative, as well as announcing a first-ever US contribution to the Indian Ocean Rim Association, the senior policy adviser explained.