1. Consultations between the ten ASEAN Economic Ministers and the United States Trade Representative (“the Ministers”) were held on 24 August 2015 in Kuala Lumpur, Malaysia. The Consultations were co-chaired by H.E. Dato’ Sri Mustapa Mohamed, Minister of International Trade & Industry of Malaysia and H.E. Michael Froman, the United States Trade Representative.
2. The Ministers were pleased to note the strong growth in trade relations between ASEAN and the United States of America (U.S.). Total merchandise trade between ASEAN and the U.S. in 2014 stood at USD 212.4 billion. The U.S. maintained its position as ASEAN’s fourth biggest trading partner, while ASEAN was the fourth largest U.S. export market and trading partner.
3. In term of investment, the U.S. has moved up its ranking to become the third largest foreign direct investor in ASEAN. According to ASEAN Statistics, the region received USD 13 billion of new direct investment from the U.S. in 2014. According to U.S. statistics, cumulative foreign direct investment in ASEAN Member States was USD 204 billion in 2013, up 9.1 per cent from 2012.
Download the full Joint Statement here.