Job-promoting trade and economic opportunities between the United States and the Association of Southeast Asian Nations (ASEAN) were the focus of a recent “road show” involving trade ministers and other senior economic officials from both sides, the Office of the U.S. Trade Representative (USTR) says.
“Further deepening our ties to ASEAN is a priority for the United States, and I am pleased that this week’s ASEAN Road Show, which began in California and culminated in Washington, D.C., has highlighted the opportunities to promote jobs through enhanced trade and investment between us,” said Acting USTR Miriam Sapiro.
“We believe that today’s discussions will propel our efforts to further our economic partnership, which holds significant promise, especially as ASEAN works to achieve full regional economic integration by 2015,” Sapiro said following a June 13 meeting in Washington between ASEAN and U.S. delegations.
In the meeting, the two sides discussed concrete initiatives to deepen their economic ties and create new opportunities that would benefit their businesses and workers, USTR said in a press release issued the same day. The delegations sought progress on work underway as part of the U.S.-ASEAN Enhanced Economic Engagement Initiative, launched in 2012 by President Obama and the 10 ASEAN leaders. The ministers also exchanged views on regional initiatives and how they could work together to support a successful World Trade Organization ministerial meeting in Bali, Indonesia, in December.
The ASEAN delegation included Brunei Darussalam Minister of Foreign Affairs and Trade Lim Jock Seng, Malaysian Trade Minister Mustapa Mohamed, Burmese Minister of National Planning and Economic Development U Kan Zaw, Lao Minister of Industry and Commerce Viyaketh Nam and Philippine Secretary of Trade Gregory Domingo. On the U.S. side, Sapiro was joined by Acting Secretary of Commerce Cam Kerry, Under Secretary of Commerce Francisco Sánchez and State Department Acting Assistant Secretary for East Asian and Pacific Affairs Joseph Yun.
U.S. goods trade with ASEAN was $198 billion in 2012, making the 10 countries of ASEAN collectively the fourth-largest U.S. export market and fifth-largest overall trading partner. U.S. trade in services with ASEAN countries totaled $30 billion in 2011, the latest year for which data is available.
Collectively, the ASEAN nations represent a top-five market for U.S. farmers and ranchers, with U.S. agricultural exports in 2012 of nearly $10 billion. U.S. foreign direct investment in ASEAN totaled more than $159 billion in 2011.
ASEAN members include Brunei Darussalam, Burma, Cambodia, Indonesia, Laos, Malaysia, the Philippines, Singapore, Thailand and Vietnam.