US Trade Representative Susan C. Schwab on Friday met with the ten economic ministers of the Association of Southeast Asian Nations (ASEAN) and signed a Trade and Investment Framework Arrangement (TIFA).
The US-ASEAN TIFA will provide a platform for strengthening the already deep trade and investment ties between the United States and ASEAN countries. The consultations were co-chaired by US Trade Representative Susan C. Schwab and Malaysian Trade Minister Rafidah Aziz.
In addition to concluding the TIFA, Ambassador Schwab and her ASEAN counterparts discussed the growth in bilateral trade, regional economic developments, and the Doha Development Agenda.
"The US-ASEAN TIFA signed today reflects our commitment to establishing the architecture that will facilitate an even more vigorous US economic engagement in the ASEAN region," Ambassador Schwab announced on Friday, continuing:
"The TIFA will be a platform to intensify our trade and investment relations with the ASEAN region, which collectively constitutes our fourth largest trading partner and represents one of the most rapidly growing and dynamic economies in the world."
Under the TIFA, the United States and ASEAN will establish a formal ministerial dialogue. The parties will use this dialogue to jointly determine concrete steps for deepening trade and investment relations.
The United States concluded an FTA with Singapore in 2003 and is currently negotiating FTAs with Thailand and Malaysia. In addition, the United States recently concluded a TIFA with Cambodia and a bilateral market access agreement with Vietnam as part of its bid to join the World Trade Organization.
The United States also has active trade and investment dialogues with Indonesia, Philippines and Brunei and is working with Laos to support its WTO accession.
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