Fact Sheet: US-ASEAN Economic Engagement

ASEAN is a significant trade and investment partner for the United States.  Collectively, the 10 countries of ASEAN represent the United States’ fourth-largest goods trading partner, ahead of Japan, with $216 billion in two-way goods trade in 2014.  In 2014, U.S. goods exports to ASEAN were $79 billion, making ASEAN the United States’ fourth largest export market.  U.S. goods exports to ASEAN support over 370,000 American jobs.  The major U.S. exports to the region are machinery, aircraft, optical and medical instruments, and mineral fuel and oil.  The United States also exported over $11 billion in agricultural products to ASEAN countries last year.  ASEAN is an important and growing services market for U.S. companies.  The United States exported $23 billion in services to the ASEAN region in 2014, and recorded a $7 billion surplus in services trade with ASEAN.

Strong Investment Reflects U.S.-ASEAN Supply Chains

The stock of U.S. foreign direct investment in the ASEAN countries totaled $226 billion in 2014, up more than 13 percent over the previous year, and exceeds the foreign direct investment in ASEAN from Japan, Korea, and China combined.  Foreign direct investment stock from the ASEAN countries in the United States totaled over $20 billion in 2014.

Growing U.S.-ASEAN Economic Engagement

Under the U.S.-ASEAN Trade and Investment Framework Arrangement (TIFA), the Expanded Economic Engagement Initiative (E3), and the ASEAN Connectivity through Trade and Investment (ACTI) program, we are expanding trade and investment ties between the United States and ASEAN, creating business opportunities and new jobs for both parties.

Building on existing efforts, we and ASEAN continue to work together on standards, trade facilitation — including the implementation of the ASEAN Single Window (ASW), connectivity and infrastructure, and increasing the capacity of small- and medium-sized enterprises (SMEs).  The United States has trained leaders of SMEs in ASEAN member states through a flagship program between the U.S. Agency for International Development (USAID) and the U.S.-ASEAN Business Council, benefitting over 3,500 SME owners.

This year, we launched a series of workshops under the U.S.-ASEAN Trade and Environment Dialogue to promote mutually supportive policies.  The first workshop on illegal, unreported and unregulated fishing was organized earlier this month in Malaysia.  We are planning to organize two more workshops next year on illegal logging and wildlife trafficking.  The United States will also host ASEAN Economic Ministers in 2016 to highlight U.S. innovation, technology and best practices.

In addition, the United States and ASEAN are deepening institutional ties through the launch of annual consultations on issues of mutual and strategic interest, such as information communications technology and aviation, while augmenting existing consultations and cooperative work plans in energy.