It’s no secret that Asia is a source of tremendous economic growth. For more than 35 years, the United States and The Association of Southeast Asian Nations’ (ASEAN) member countries have worked to foster economic development through trade and investment.
This week, officials from the U.S. Department of Commerce and the Office of the United States Trade Representative (USTR) will join a visiting delegation of Association of Southeast Asian Nations (ASEAN) economic ministers for the ASEAN Economic Ministers (AEM) Road Show events in Los Angeles and Silicon Valley, California, as well as in Washington, D.C. U.S. government officials from the U.S. Departments of Commerce, USTR, and State. Trade ministers from ASEAN member states (Brunei Darussalam, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam) will meet with Members of Congress, local government officials and business leaders to discuss various trade issues, commercial diplomacy, and trade-openness. The U.S. Department of Commerce is specifically committed to economic engagement with ASEAN in support of the White House Expanded Economic Engagement (E3) initiative. ASEAN’s rapid economic development, growing middle class, and combined total trade of over $200 billion in goods and services speak to the tremendous enterprise and potential of the region.
By 2015, ASEAN seeks to establish a unified economic market. The United States supports the integration efforts by ASEAN to establish an ASEAN Economic Community (AEC), which will benefit both ASEAN economies and its U.S. business partners. The AEC would establish free flows of goods, services and foreign direct investment, as well as freer skilled labor and cross-border capital flows.
ASEAN’s progress toward establishing AEC, will have a strong impact on U.S.-ASEAN trade and investment. With a combined population of nearly 600 million people, an integrated ASEAN will lead to greater economies of scale and lower costs – which will help companies, workers and citizens in both the U.S. and ASEAN thrive.
The Commerce Department will continue to play a strong and active role in engaging with ASEAN. Commerce will do its part to foster more public-private relationships and support trade missions to ASEAN countries to help strengthen U.S.-ASEAN economic futures.