Tuesday, May 04, 2010

US Trade Representative Underscores Importance Of Southeast Asia

By Manik Mehta

WASHINGTON, May 4 (Bernama) -- United States Trade Representative (USTR) Ambassador Ron Kirk has underscored the importance of Southeast Asia, including Malaysia.

"Southeast Asia is taking on an increasingly important role as a leader in economic and trade reform," he said on the occasion of a high-level visit of trade ministers from the core five members of Asean, who began a week-long roadshow visit to the US.

"This delegation's visit is an important step in the growing relationship between the United States and Southeast Asia. This region will be a major player in the Administration's goal to double US exports by 2015," he added.

At the invitation of the USTR and the US-Asean Business Council (USABC), a Washington DC based group that promotes US economic, trade and business ties with the Asean community, the delegation will visit Seattle and Washington DC to promote Southeast Asia's growing importance at the crossroads of global trade and investment and the focal point of developing regional architecture in Southeast Asia.

The US industry has noted with great interest that by 2015, the 10-member Asean community aims to establish a European Union-style single market economic community galvanising the 10 member countries into a single economy of nearly 600 million consumers with a collective gross domestic product that is expected to surpass US$1.5 trillion.

The delegation will showcase opportunities for American businesses, both large and small, in the growing Asean markets.

The USABC, whose 100 and odd members include top-notch corporations, strongly supports closer ties to Southeast Asia.

"There are significant and unique opportunities across all business sectors in Asean countries; from agriculture and infrastructure to fast moving consumer goods and high tech industries," said Muhtar Kent, Chairman and Chief Executive Officer of The Coca-Cola Company, and Chair of the US-Asean Business Council.

"That's part of the reason Asean countries are the largest destination for US investment in Asia," he added.

The Coca-Cola Company has made substantial investments in Malaysia. Prime Minister Datuk Seri Najib Tun Razak received the top Coca-Cola executive during his visit to the US last month.

"During the 25 years the US-Asean Business Council has been connecting Southeast Asia to American business, US bilateral trade to the region has increased almost seven-fold to reach nearly US$180 billion," said Council President Alexander Feldman.

"Our first stop is in Washington State, a perfect example of the importance of this relationship. Washington sent US$5 billion worth of exports to the region in 2008, and has experienced a 42 per cent growth in exports since 2002," he said.

According to the USABC, Asean has emerged as the fifth-largest trading partner and the fourth-largest export market for the US, with two-way trade amounting to nearly US$180 billion in 2008.

Indeed, with US exports to Asean exceeding US$66 billion in 2008, the Asean community has become as important as China for US exports.

Furthermore, the USABC said, the average consumer in the Asean region purchases twice as many American goods as the average Chinese consumer, and nearly nine times as many as the average Indian consumer.

What is particularly impressive for the US industry is the impressive growth recorded within the Asean region -- the 2010 growth estimates range from three to eight per cent for individual Asean member countries.

Asean's total trade has skyrocketed, rising from US$400 billion a year in 1993 to over US$1.7 trillion in 2008.

Foreign direct investment from the United States in Asean touched US$150 billion in 2008, making the region the largest destination for American investments in Asia.

The visiting ministerial delegation comprises ministers from Indonesia, Brunei, Cambodia, Laos, Malaysia (which is represented by Datuk Seri Mustapa Mohamed), Thailand, Philippines and Vietnam.

Asean Secretary-General Dr Surin Pitsuwan will also accompany the delegation.

The delegation's road show includes a Southeast Asia Economic Community seminar in Seattle, Washington, which will include USTR Kirk, and a small and medium-sized enterprises networking session with US government export promotion agencies.

The Seattle visit is co-organised by the National Bureau of Asian Research, the Trade Development Alliance and the National Centre for Asia-Pacific Economic Cooperation.

On May 5, the delegation will visit Washington DC where informal discussions will be held between the Asean ministerial delegation and the US at the USTR office, followed by a luncheon with the Washington Policy Community hosted by the East-West Centre, meetings with US Congressional leaders and a gala dinner at the Four Seasons Hotel.

1 comment:

Anonymous said...

i wouldn't be surprised. it probably has a lot to do with person ego and so forth. everything i read about cambodia was always, cambodia is a poor counntry, cambodia, etc. this kind of attitude probably blinded a US representative to undermine cambodia, a member of asean. i think the US should give the job to the right individual with proper education on asian studies, etc, particularl in the area or region of southeast asia and so forth. they may have picked the wrong individual to represent the USA in southeast asia, perhaps. they should give the job to someone with a proper creditial in asian studies...