US eyes 'explosive' trade growth with Asean

August 31, 2012
Agence France-Presse

Washington's top trade official on Thursday said he saw "explosive" growth opportunities within Southeast Asia, as the US pushed on with a drive to deepen ties with the dynamic region. US trade representative Ron Kirk spoke of mutually beneficial opportunities as he met with economic ministers of the Association of Southeast Asian Nations (Asean) in the Cambodian tourist hub of Siem Reap.

"We do think that there is explosive room for growth in the trade and investment relationship," he said. The 10-member Asean bloc is the United States' fourth-largest trading partner. Trade between the two topped $198 billion in 2011, up from $186 billion the year before, according to Asean data.

Kirk is the highest ranking US official to attend the regional trade gathering in recent years, sending what observers described as "a strong signal" to Asean leaders that Washington is committed to its renewed focus on Asia as it seeks to counter Chinese influence in the region. "For the United States, bolstering trade ties with Asean is beneficial not only to US businesses; it also contributes to the country's strategic rebalance to the Asia Pacific," researchers from the US-based Center for Strategic and International Studies said in a briefing note this week.

Top U.S. trade official heads to Southeast Asia for talks

U.S. Trade Representative Ron Kirk smiles during an event at the Singapore Management University April 26, 2012. (Credit: Reuters/Tim Chong)

Wed Aug 29, 2012

WASHINGTON (Reuters) - U.S. Trade Representative Ron Kirk will discuss how the United States can deepen trade ties with fast-growing nations in Southeast Asia in talks this week in Cambodia, U.S. trade officials said.

Kirk will join trade ministers from the 10-nation Association of Southeast Asian (ASEAN) at their annual meeting on Thursday and take part in the inaugural ASEAN-U.S. Business Summit focusing on innovation and the digital economy.

His trip is also likely to include a stopover in Vietnam.

Obama's chief trade advisor to visit Cambodia, meet ASEAN ministers

Ron Kirk

August 20, 2012

PHNOM PENH (Xinhua) - The United States Trade Representative Ron Kirk, President Obama's Chief Trade Advisor, will be visiting Cambodia's Siem Reap province on Aug. 30-31 to participate in the 44th ASEAN Economic Ministers' meetings and the ASEAN-US Business Summit, according to a press release from the US Embassy in Cambodia on Monday.

"The ten ASEAN countries are key economic and strategic partners for the United States, and Ambassador Kirk's visit to Cambodia will demonstrate the United States' support for ASEAN integration and desire to deepen economic engagement with the region, as well as highlight broader US goals for economic relations in the Asia-Pacific," said the press release.

Kirk's schedule will include a meeting of the ASEAN-US Trade and Investment Framework Arrangement (TIFA) Council, an informal meeting of the East Asia Summit Economic Ministers, and the first ever ASEAN-US Business Summit.

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.

U.S., Cambodian senior officials meet on trade, investment

PHNOM PENH, Nov. 21 (Xinhua) -- The United States Trade Representative Susan C. Schwab met with Cambodian Minister of Commerce Cham Prasidh on Wednesday in Cambodia to discuss ways to broaden and deepen bilateral trade and investment ties, said a press release.

Schwab and Prasidh discussed Cambodia's recent strong economic growth, its domestic reform agenda, and implementation of legal and trade reforms committed to under Cambodia's 2004 accession to the World Trade Organization (WTO), said the release from the U.S. Embassy.

"Cambodia is working hard to put the right policies in place to support an open and welcoming environment for trade and investment," said Schwab in the release.

"There has been real progress on the ground. We will continue to work together to build momentum to sustain these reform efforts," Schwab said.

The two officials also reviewed Cambodia's current efforts to improve trade facilitation, protect intellectual property rights and enhance the attractiveness and competitiveness of Cambodia's investment climate, said the release.

Discussions focused on marking the progress Cambodia is making in meeting the benchmarks for implementation of WTO-consistent trade practices, as well as highlighting areas where additional work remains to be done, it said.

The two countries agreed upon a plan of action under the U.S.-Cambodia Trade and Investment Framework Agreement (TIFA), which will add momentum for trade-related reforms within Cambodia, it said.

The two ministers also discussed their mutual interest in a successful conclusion to the WTO Doha negotiations and the instrumental role that Cambodia can play as a least developed country (LDC) in contributing to that outcome, it added.

The visit is the first to the country by a U.S. trade representative and included a bilateral meeting under the TIFA, which was signed in 2006 and is the primary bilateral dialogue between the two governments to discuss implementation of these commitments and other trade and investment related issues.

Total two-way goods trade between the U.S. and Cambodia amounted to 1.95 billion U.S. dollars in the first nine months of this year and totaled 2.2 billion U.S. dollars in 2006.

U.S. foreign direct investment in Cambodia is approximately one million U.S. dollars.

Primary U.S. exports include vehicles and machinery and the U.S. is Cambodia's largest export market. Cambodia's major exports to the U.S. are knit and woven apparel.

Cambodia joined the WTO in 2004 as a least developed country (LDC) and agreed as part of its accession to implement WTO-consistent trading rules over a five-year transition period.