1. The Consultations between the ASEAN Economic Ministers (AEM) and the representative of the US Trade Representative were held on 11 August 2011 in Manado, Indonesia. The Consultations were co-chaired by H.E. Dr. Mari Elka Pangestu, Minister of Trade of Indonesia and Hon. Demetrios Marantis, Deputy Trade Representative of the United States of America.
2. The Ministers noted that trade between ASEAN and the United States remained strong. Total trade between ASEAN and the United States showed a sharp rebound in 2010, recording an increase of 24.4%, totalling US$186.1 billion compared with US$149.6 billion in 2009. Imports from the United States increased by 27.0% to US$85.6 billion while exports grew 22.3% to US$100.5 billion in 2010. The United States and ASEAN remain each other’s fourth largest trading partners.
3. Foreign direct investment (FDI) from the United States also recorded a significant increase of more than 100% in 2010. FDI flow from the United States amounted to US$8.4 billion in 2010 compared with US$4.1 billion in 2009. The United States remained as the third largest investor in ASEAN.
4. The Ministers noted the priority areas in the Asia Pacific Economic Cooperation (APEC) under the Chairmanship of the United States in 2011. They also reaffirmed that the Doha Development Agenda (DDA) continues to be a priority for both ASEAN and the United States.
5. The Ministers reiterated their commitment to continuing to further build the trade and investment relationship between ASEAN and the United States. They were pleased to note the implementation of the activities under the ASEAN-US Trade and Investment Framework Arrangement (TIFA), which included the ASEAN-US Trade and Environment Dialogue held on 24 March 2011 in Singapore and the ASEAN Trade Facilitation Forum co-sponsored by USAID through the ASEAN-U.S. Technical Assistance Training Facility, which will be held on 13 August 2011, at the sidelines of the AEM and related meetings in Manado, Indonesia.
6. The Ministers welcomed the steps taken by the US Export-Import Bank in increasing outreach to ASEAN Member States and facilitating trade between the two regions, including the signing of trade finance MOU with the Chambers of Commerce or business federations from Indonesia, Malaysia, Philippines, Singapore, Thailand and Vietnam.
7. The Ministers reaffirmed their resolve to strengthen trade and investment between ASEAN and the United States and plan to endorse shortly a TIFA Work Plan for 2012. Among the initiatives under consideration for 2012 are continued cooperation on trade facilitation, trade and the environment, and standards and the launch of two important initiatives related to digital connectivity and the health care services sector. They agreed to organise a second ASEAN Ministers Road Show to the United States next year with the main objective of raising the awareness of ASEAN and its integration efforts and promoting ASEAN-US economic relations. The Ministers also agreed to hold a US-ASEAN Business Forum in ASEAN in 2012 to provide a platform for business-to-business interaction and high-level government-to-business engagement.
LIST OF MINISTERS
1. H.E. Pehin Dato Lim Jock Seng, Second Minister, Ministry of Foreign Affairs and Trade, Brunei Darussalam
2. H.E. Cham Prasidh, Senior Minister and Minister of Commerce, Cambodia
3. H.E. Mari Elka Pangestu, Minister of Trade, Indonesia
4. H.E. Mahendra Siregar, Vice Minister of Trade, Indonesia
5. H.E. Nam Viyaketh, Minister of Industry and Commerce, Lao PDR
6. H.E. Dato’ Sri Mustapa Mohamed, Minister of International Trade and Industry, Malaysia
7. H.E. U Tin Naing Thein, Minister for National Planning and Economic Development, Myanmar
8. H.E. Gregory L. Domingo, Secretary of Trade and Industry, the Philippines
9. H.E. Lim Hng Kiang, Minister for Trade and Industry, Singapore
10. Mr. Yangyong Phuangrach, Permanent Secretary, Ministry of Commerce, Thailand
11. Hon. Demetrios Marantis, Deputy Trade Representative, the United States of America
12. H.E. Nguyen Cam Tu, Deputy Minister of Industry and Trade, Viet Nam
13. H.E. Surin Pitsuwan, Secretary-General of ASEAN