U.S. Trade Representative Susan C. Schwab met with the ten economic ministers of the Association of Southeast Asian Nations (ASEAN) and signed a Trade and Investment Framework Arrangement (TIFA).
The U.S.-ASEAN TIFA will provide a platform for strengthening the already deep trade and investment ties between the United States and ASEAN countries. The U.S.–ASEAN consultations were co-chaired by U.S. Trade Representative Susan C. Schwab and Malaysian Trade Minister Rafidah Aziz.
In addition to concluding the TIFA, Ambassador Schwab and her ASEAN counterparts discussed the growth in bilateral trade, regional economic developments, and the Doha Development Agenda.
"The U.S.-ASEAN TIFA signed today reflects our commitment to establishing the architecture that will facilitate an even more vigorous U.S. economic engagement in the ASEAN region," said Ambassador Schwab.
"The TIFA will be a platform to intensify our trade and investment relations with the ASEAN region, which collectively constitutes our fourth largest trading partner and represents one of the most rapidly growing and dynamic economies in the world."
Under the TIFA, the United States and ASEAN will establish a formal ministerial dialogue. The parties will use this dialogue to jointly determine concrete steps for deepening trade and investment relations.
U.S. Trade Representative Ambassador Schwab and her ASEAN counterparts also agreed to initiate a work plan under the TIFA and to focus their efforts initially on three projects.
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