Dialogue relationship between ASEAN and the U.S. started in 1977 and has progressively improved since.  According to ASEAN preliminary statistics, the US is the second largest trading partner among ASEAN’s Dialogue Partners with the total two-way trade of US$ 294.6 billion in 2019. Preliminary statistics also recorded the U.S. as ASEAN’s largest source of Foreign Direct Investment (FDI) in 2019 with a total inflow of US$24.5 billion. 

As one of ASEAN’s important trading partner, economic cooperation between ASEAN and the US is stipulated under the Trade and Investment Framework Arrangement (TIFA) and Expanded Economic Engagement (E3) Initiative. The TIFA was signed by ASEAN Economic Ministers and United States Trade Representatives (USTR) on 25 August 2006, in Kuala Lumpur and serves as a mechanism to strengthen ASEAN-US Economic ties. Meanwhile, the E3 initiative was welcomed by the leaders at the 4th ASEAN-US Leaders meeting in Phnom Penh, Cambodia on 19 November 2012 to promote closer economic cooperation between ASEAN and the US. TIFA and E3 Work Plans are discussed and agreed on annually by both sides.  

At the U.S.-ASEAN Leaders Sunnylands Summit on 15–16 February 2016, President Obama announced the U.S.-ASEAN Connect initiative. Following this announcement, ASEAN Connect Center in Jakarta and strategic Connect locations in Singapore and Bangkok were operationalized in September 2016. These Connect locations provide opportunities for ASEAN and the U.S. to stay connected through better access to information and resources in the four areas of business, energy, innovation, and policy, 

The U.S. development assistance under the economic pillar is currently channeled through the Inclusive Growth in ASEAN through Innovation, Trade and E-Commerce (ASEAN-USAID IGNITE). The programme aims to promote a well-integrated and inclusive ASEAN Economic Community by enhancing the trading relationship between ASEAN and the U.S.