Latest News:  
Beijing   Sunny    34 / 22 ℃  City Forecast


ASEAN-U.S. ministers agree to broaden economic cooperation


17:07, August 30, 2012

SIEM REAP, Cambodia, Aug. 30 (Xinhua) -- Consultations between the ASEAN Economic Ministers and the United States Trade Representative concluded here on Thursday and the two sides agreed to further deepen trade and investment ties.

The dialogue was co-chaired by Cambodian Minister of Commerce Cham Prasidh and Ambassador Ron Kirt, the United States Trade Representative.

"They underscored the opportunities for deepening economic ties and reiterated their commitment to further building the trade and investment relationship between ASEAN and the United States," said a joint statement after the meeting.

"ASEAN and the United States are considered as engines of global economic activity and growth, and that ever closer economic ties are of crucial importance to ASEAN and the United States, as well as the world," the statement said.

The ministers expressed their satisfaction with the activities being implemented under the ASEAN U.S. Trade and Investment Framework Arrangement (TIFA) in 2012 and plan to soon endorse a TIFA work plan for 2013.

Among the initiatives under consideration for 2013 are continued cooperation on trade facilitation, the digital economy, trade and the environment, and priority areas for ASEAN integration including small and medium enterprise development and ASEAN connectivity.

They also reaffirmed the necessity of organizing a second ASEAN Ministers Road Show to the United States in 2013, with the aim of further raising awareness of the ASEAN region and promoting ASEAN- U.S. economic relations.

According to the statement, trade between ASEAN and the United States remained strong. Last year, the total trade between ASEAN and the United States showed a 9.2 percent increase, growing from 178 billion U.S. dollars to 194 billion U.S. dollars.

ASEAN imports from the United States increased by 8.6 percent to 76.4 billion U.S. dollars while exports grew 9.8 percent to 118. 2 billion U.S. dollars.

It said that the United States remained the fourth largest trading partner of ASEAN and, collectively, ASEAN is the fifth largest goods trading partner of the United States.

In the investment side, it said that the United States remained the third largest foreign direct investor in ASEAN.

According to the United States' data, last year, the U.S. foreign direct investment stock in ASEAN countries was 159.6 billion U.S. dollars, up 11.2 percent compared to 2010. ASEAN foreign direct investment stock in the United States demonstrated even stronger growth, increasing 13.1 percent to 24.6 billion U.S. dollars.

The Association of Southeast Asian Nations (ASEAN) groups Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.

Most viewed commentaries

World News in Photo
Cool moments of this summer Iran: Finding Mr. Right harder than job hunt Japan stuck in neighbors' anger
Secret skinny dip: Swim in your birthday suit! DPRK's top leader inspects defense front Uncover the secret of gold bars production



Leave your comment0 comments

  1. Name


Selections for you

  1. Youth Day celebrated in North Korea

  2. Moldy burger found in McDonald's restaurant

  3. Joining the 500 Club

  4. Helping hands

  5. Eye Make-Up Art Evolves Again

  6. Fantastic! Unique fireworks

Most Popular


  1. Taiwan's position key for Diaoyu Islands issue
  2. Carrier not right envoy for South Pacific
  3. Commentary: Another realty boom not needed
  4. Red moon threat reflects hollow fears on space
  5. Japanese diplomat in letter mission
  6. Editorial: Erring on side of caution
  7. Commentary: Transition of economy starts
  8. Chinese abroad must have better protection
  9. 'Great China' in the eyes of a Serbian journalist
  10. Italy's bonds sales key to economic strength

What's happening in China

Air China plane turns back after 'threat'

  1. Bus safety regulation to target GPS
  2. No antivenin shortage: national authorities
  3. Pirated ACCA, CFA textbook ring busted
  4. Environmental assessments go online
  5. Book lovers flock to Beijing for publishing fair

China Features

  1. Regimen: spleen-friendly diets during White Dew
  2. Watch out hay fever during Bai Lu
  3. Man pricked by syringe with HIV
  4. Large windmill in northern Shaanxi Plateau
  5. Japan aids armed forces of China's neighbors

PD Online Data

  1. Ministry of Water Resources
  2. Ministry of Railways
  3. People's Bank of China
  4. Ministry of Health
  5. Ministry of Culture