Enterprise for ASEAN Initiative

Recent Developments

The United States and ASEAN members (Brunei, Burma, Cambodia, Indonesia, Laos, Malaysia, Philippines, Singapore, Thailand, and Vietnam) concluded a TIFA in August 2006 and since then have been working to build upon already strong trade and investment ties to further enhance their economic relationship as well as promote ASEAN regional economic integration. The United States intensified its work under the TIFA in 2009, presenting ASEAN senior officials a number of ambitious proposals to be pursued under the TIFA work plan. New agreed-upon work plan items include negotiating agreements on trade facilitation, as well as conducting dialogues on trade finance, trade and environment, and government-business. These new initiatives join the existing set of TIFA work plan items that include cooperation on standards and support for the ASEAN Single Window project.

Ambassador Kirk hosted the ASEAN Trade Ministers in May, 2010 for the first U.S.-ASEAN Road Show, with stops in Seattle and Washington, DC. The Road Show brought together Obama Administration officials, members of Congress and ASEAN trade ministers as well as U.S. and ASEAN business representatives to identify business opportunities and to discuss ways to expand U.S.-ASEAN economic cooperation and support ASEAN integration

In addition, the United States and ASEAN facilitated the signing of a Memorandum of Understanding on trade finance between the Export-Import Bank of the United States and chambers of commerce and business federations from the Philippines, Vietnam, Singapore, Indonesia, and Malaysia. In March 2011, Assistant USTR Barbara Weisel participated in a Trade and Environment Forum with ASEAN Senior Economic Officials in Singapore that will serve as a foundation for continued discussion of trade and environmental issues under the TIFA.

In 2010, USTR also requested the International Trade Commission (ITC) conduct a study on trends in regional integration, export competiveness, and inbound investment. The ITC study analyzes these issues in six industries: 1) computer components; 2) healthcare services, 3) cotton woven apparel, 4) hardwood plywood and flooring, 5) motor vehicle parts, and 6) palm oil. The ITC’s final report (USITC Publication 4176) was released in August 2010 and is available here.

U.S.-ASEAN Trade Facts

With robust economies and a total population of about 600 million people, the ten member countries of the Association of South East Asian Nations represent large and growing markets for U.S. traders and investors. In 2010, as U.S. trade with the region continued to expand, the ASEAN countries collectively became the fourth largest U.S. trading partner, up from fifth place in 2009.

Goods

The United States’ goods trade with ASEAN countries totaled $178 billion in 2010. U.S. goods exports in 2010 totaled $70.4 billion, up 31 percent since 2009. U.S. goods imports from ASEAN were $ 107.8 billion in 2010, up 17 percent since 2009.

U.S. exports of agricultural products to ASEAN countries totaled $7.6 billion in 2010, up 22.1 percent from 2009. U.S. imports of agricultural products from ASEAN countries totaled $8.6 billion in 2010, up 38.8 percent since 2009.

The top five ASEAN export markets in 2010 were Singapore ($29.1 billion), Malaysia ($14 billion), Thailand ($9 billion), Philippines ($7.4 billion), and Indonesia ($6.9 billion). The top 5 ASEAN import suppliers in 2010 were Malaysia ($25.9 billion), Thailand ($22.7 billion), Singapore ($17.5 billion), Indonesia ($16.5 billion), and Vietnam ($14.9 billion).

Services

Two-way trade in services with ASEAN countries totaled $25 billion in 2009 (latest data available). U.S. services exports in 2009 to ASEAN totaled $15.9 billion, down 2.5 percent from 2008. U.S. services imports from ASEAN were $9.3 billion, down 5.1 percent since 2008.

Foreign Direct Investment (FDI)

U.S. FDI in ASEAN countries totaled $122.9 billion in 2009 (latest data available), down 5.5 percent since 2008. This FDI was led by nonbank holding companies, manufacturing, and finance/insurance sectors. ASEAN countries' FDI in the United States countries totaled $23.9 billion in 2009, up .2 percent since 2008.