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.