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The United States has a robust trade and investment relationship with the ten countries that comprise the Association of Southeast Asian Nations (ASEAN). These countries -- Brunei Darussalam, Burma, Cambodia, Indonesia, Laos, Malaysia, Philippines, Singapore, Thailand, and Vietnam -- collectively the United States’ fourth-largest trading partner and together represent a market with a GDP of more than $2.4 trillion and a population of 632 million people.
In 2016, two-way goods trade was $234 billion. Since 2010, U.S. goods exports to ASEAN countries has expanded by 58 percent, with top U.S. goods export categories including electrical machinery, machinery, aircraft, optic and medical instruments, and miscellaneous grain, seed, and fruit. U.S. domestic exports of agricultural products to ASEAN countries totaled $11.2 billion in 2016, with leading categories including soybeans, cotton, soybean meal, wheat, and dairy products. Meanwhile, U.S. services exports to ASEAN totaled $27.1 billion in 2015 (latest data available), up 11.7 percent from 2014. U.S. trade in goods and services with ASEAN now supports more than 500,000 American jobs.
Trade and Investment Framework Arrangement
Since 2006, the United States has worked with ASEAN under the auspices of the ASEAN-U.S. Trade and Investment Framework Arrangement (TIFA) to further enhance trade and investment ties between the United States and ASEAN. In 2012, the United States and ASEAN launched of the Expanded Economic Engagement (E3) initiative under the TIFA, which was aimed at further intensifying our work in key areas. In 2016, U.S. and ASEAN Ministers endorsed common approaches to investment in ASEAN-U.S. Cooperation in Fostering International Investment and transparency in the ASEAN-US Cooperation in Fostering Transparency and Good Regulatory Practices. We also began work to establish common approaches on the digital economy. The United States hosted a Road Show that brought ASEAN trade ministers to San Francisco and Silicon Valley to underscore the elements that contribute to a successful innovation economy, including strong intellectual property protection,
In addition, under our TIFA and E3 work plan, joint work includes cooperation on trade facilitation initiatives; work on specific standards development and practices; promoting opportunities for small- and medium-sized enterprises, and pursuing initiatives that advance our common interests on trade and the environment. We are also working on cooperative activities that help to lay the groundwork for ASEAN countries to prepare to join high-standard trade agreements, including through the U.S.-ASEAN Trade Workshops.