Commerce.gov is getting a facelift soon. See the new design.
Syndicate content

Blog Category: ASEAN

Secretary Pritzker Delivers Remarks on America’s Economic Future in the Asia-Pacific

In her remarks, Secretary Pritzker discussed the United States’ commitment to strengthening commercial and economic ties throughout the Asia-Pacific, which is a critical dimension of the president’s rebalance toward this fast-growing region. The Asia-Pacific region presents rapidly growing opportunities for American businesses and workers. The region accounts for nearly 60 percent of world GDP and 40 percent of global trade. Secretary Pritzker highlighted the United States’ leadership role in efforts such as the Trans Pacific Partnership, and she also emphasized the growing U.S. ties with both longstanding and emerging trade partners.

Read a summary of her remarks and audience tweets below.

Confirming the Partnership Between the United States and Asia

Industry representatives from nations within the Asia-Pacific region attend a business ethics workshop with the Malaysian Anti-Corruption Academy in August 2013.

The Department of Commerce has taken advantage of several opportunities to support its commitment to Asia, an important region with some of the world’s fastest growing economies.

Under Secretary of Commerce for International Trade Francisco Sánchez visited Brunei this month for the Association of Southeast Asian Nations (ASEAN) Business and Investment Summit. His message to the Summit was that ASEAN remains an important partner to the United States and a key player in the global marketplace.

As ASEAN looks to form an integrated economic community, the United States wants to make sure every nation in the region understands America’s commitment to ASEAN and the broader Asia-Pacific region. The United States and ASEAN are working within the Expanded Economic Engagement framework, designed to expand trade and investment ties and create new business opportunities and jobs in all eleven countries.

The United States and the Commerce Department support the important initiatives ASEAN is taking on to support the competitiveness of small and medium-sized enterprises (SMEs). All governments in the region are actively working to put greater emphasis on protecting intellectual property and enforcing intellectual property rights. This encourages innovation, as it ensures that SMEs will be able to profit from their ideas without worry of them being compromised.

The Department of Commerce Supports U.S.-ASEAN Partnerships

ASEAN Member Nations

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.