ASEAN and the U.S. will pursue a wide range of economic activities under the Enhanced Partnership, including jointly pursuing the successful conclusion of the Doha Development Agenda. These activities will cover such areas as trade and investment, standards and conformance, intellectual property rights, transport, energy, information and communications technology, agriculture and small and medium-sized enterprises.

U.S.-ASEAN TIFA

On August 25, 2006 in Kuala Lampur, Malaysia U.S. Trade Representative Susan C. Schwab met with the ten ASEAN economic ministers 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 Member Countries. The U.S.-ASEAN consultations were co-chaired by U.S. Trade Representative Susan C. Schwab and Malaysian International Industry & 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." As of 2005 trade between ASEAN and the United States is US$ 148.5 billion, an increase of 9.1 percent since 2004. Foreign direct investment has also continued to rise, to over $92 billion. 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 continuation of deepening trade and investment relations.

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. Among these are an initiative to support the development of the ASEAN Single Window, which will create a common system throughout ASEAN for entry of goods, facilitating trade within ASEAN and between ASEAN and the United States. Ministers will also work to establish a framework agreement on sanitary and phytosanitary issues to foster increased trade in agricultural goods, an important sector in which trade is largely complementary. The parties also will work together to support the development of harmonized standards for pharmaceutical registration and approval, which will speed the delivery of innovative medicines to ASEAN patients. The TIFA supports the objectives laid down in the Enterprise for ASEAN Initiative (EAI) announced by U.S. President George W. Bush in October 2002 and the Joint Vision Statement on the ASEAN-U.S. Enhanced Partnership, announced on November 17, 2005 when the President met ASEAN Leaders attending the APEC Leaders meeting.

Other Economic Highlights

• ASEAN Pharmaceutical Officials Tour the U.S.
• ASEAN-US Science and Technology Agreement Proposed
• Electronics Standards Workshop – Increasing Product Safety
• U.S. Sponsors Study Tour for ASEAN Pharmaceutical Officials
• ASEAN Secretariat Officials Take Study Tour in Washington, D.C.
• ASEAN Secretary General Participates in Secretary of State’s Open Forum
• ASEAN Workshop on Competition & Integration
• USABC Gala Dinner
• Commerce Meetings on Standards
• Senior Economic Officials Meeting (SEOM)
• US Signs TIFA with ASEAN