(Seattle) A delegation including Trade Ministers from 5 Southeast Asian nations began a week-long visit to the United States today. At the invitation of the US-ASEAN Business Council and the United States Trade Representative the delegation will visit Seattle and Washington D.C. to promote Southeast Asia’s growing importance at the crossroads of global trade and investment and the focal point of developing regional architecture in Southeast Asia. By 2015, the 10 nations of ASEAN [The Association of Southeast Asian Nations] aim to establish a European-Union style single market economic community welding these 10 countries together into a single economy of nearly 600 million consumers with a collective GDP that will have surpassed $1.5 trillion dollars. The delegation will seek to showcase opportunities for American business both large and small in the growing markets of Southeast Asia.
U.S. Business leaders from the Council’s 100 plus member companies have strongly supported closer ties to Southeast Asia. “There are significant and unique opportunities across all business sectors in ASEAN countries; from agriculture and infrastructure to fast moving consumer goods and high tech industries,” said Muhtar Kent, Chairman & CEO of The Coca-Cola Company, and Chair of the US-ASEAN Business Council. “That’s part of the reason ASEAN countries are the largest destination for U.S. investment in Asia.”
“Southeast Asia is taking on an increasingly important role as a leader in economic and trade reform,” said Ambassador Ron Kirk, the United States Trade Representative. “This delegation’s visit is an important step in the growing relationship between the United States and Southeast Asia. This region will be a major player in the Administration’s goal to double U.S. exports by 2015.”
“During the 25 years the US-ASEAN Business Council has been connecting Southeast Asia to American business, US bilateral trade to the region has increased almost seven-fold to reach nearly $180 billion ,” said Council President Alexander Feldman. “Our first stop is in Washington state, a perfect example of the importance of this relationship. Washington sent $5 billion worth of exports to the region in 2008, and has experienced a 42% growth in exports since 2002.”
Why is Southeast Asia Important to the U.S.?- ASEAN is the fifth-largest trading partner and the fourth-largest export market for the U.S., with two-way trade reaching nearly $180 billion in 2008.
- U.S. exports to ASEAN in 2008 reached over $66 billion, on par with U.S. exports to China.
- The average Southeast Asian consumer purchases twice as many American goods as the average Chinese consumer, and nearly nine times as many as the average Indian Consumer.
- Southeast Asia’s markets are already leading the global economy. In the Southeast Asian region, made up of the ten nations of ASEAN—Brunei, Cambodia, Indonesia, Laos, Malaysia, Burma/Myanmar, the Philippines, Singapore, Thailand and Vietnam—2010 growth estimates range from 3-8 percent.
- ASEAN’s total trade has skyrocketed, rising from around $400 billion a year in 1993 to over $1.7 trillion in 2008.
- U.S. FDI into ASEAN reached $150 billion in 2008 making it the largest destination for American investment in Asia.
Delegation Participants Include:
- Ambassador Ron Kirk, United States Trade Representative
- H.E. Dr. Mari E. Pangestu, Minister of Trade of Indonesia
- H.E. Pehin Dato Seri Setia Lim Jock Seng, Second Minister of Foreign Affairs and Trade of Brunei Darussalam
- H.E. Pan Sorasak, Secretary of State of the Ministry of Commerce of Cambodia
- H.E. Dr. Nam Viyaketh, Minister of Industry and Commerce of Laos
- H.E. Dato’ Sri Mustapa Mohamed, Minister of Trade and Industry of Malaysia
- H.E. Porntiva Nakasai, Minister of Commerce of Thailand
- Dr. Thomas G. Aquino, Senior Undersecretary of the Department of Trade and Industry of the Philippines
- H.E. Nguyen Cam Tu, Deputy Minister of Trade and Industry of Vietnam
- H.E. Dr. Surin Pitsuwan, Secretary-General of ASEAN
Corporate support for the ASEAN Economic Community Tour has been generously provided by US-ASEAN Business Council members including Philip Morris International, Oracle, Caterpillar, Chevron, The Coca-Cola Company, Freeport McMoRan, & Microsoft.
Highlights of the Tour Include:
- May 3rd in Seattle- Southeast Asia Economic Community Seminar, Luncheon with Ambassador Kirk, and SME networking session with U.S. government export promotion agencies.
- The Seattle visit is co-organized by the National Bureau of Asian Research, the Trade Development Alliance, and the National Center for APEC.
- May 5th in Washington D.C.- Informal discussion between participating ASEAN Member States and the U.S. conducted at USTR, Luncheon with the Washington Policy Community hosted by the East-West Center , Meetings with U.S. Congressional leaders, and a culminating dinner held at the Four Seasons and open to press.
- May 6th in Washington D.C.-morning opportunities for press engagement.