ASEAN-U.S. trade picks up by 6%
ASEAN-U.S. trade picks up by 6%
Agence France-Presse, Singapore
Trade between the United States and Southeast Asia is picking up and U.S. companies are seeking a bigger slice of the region's economic potential, a leading U.S. business body said here on Tuesday.
Trade between the Association of Southeast Asian Nations (ASEAN) and the United States increased an annual 6 percent to US$29.8 billion in the March quarter this year, the U.S.-ASEAN Business Council said as it wrapped up its annual general board meeting.
"We are here in Singapore to underscore our commitment to the ASEAN region, to reiterate our confidence in this market as a destination for our investments and to discuss solutions to the challenges we face," council chairman Charles Williamson said.
Williamson said the organization saw opportunities in ASEAN's continuing integration, particularly in the economic sector.
"It's not just reducing tariffs but also looking at the movement of services, human capital and capital across the various countries," he said.
Singapore in particular was praised by the business council for its pro-business policies.
"First of all, Singapore has certainly been a leader in the ASEAN region in terms of foreign transparency, and now with the signing of a free trade agreement (FTA) in terms of liberalizing trade," said Williamson.
The city-state recently signed a free trade pact with the United States, Washington's first such agreement with an Asian country.
"With this landmark agreement under our belts, we are ready to first move on to a U.S.-Thailand FTA, and others as they demonstrate interest and commitment through the EAI," said Ernest Bower, president of the business council.
The Enterprise for ASEAN Initiative (EAI), announced last year by U.S. President George W. Bush, offers ASEAN members opportunities to sign FTAs with Washington provided they are committed to economic reforms and openness.
ASEAN is a 10-member grouping made up of Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.