U.S., ASEAN Announce Plans for Trade Facilitation Agreement
President Obama and the leaders of the 10 member states of the Association of Southeast Asian Nations unveiled a new U.S.-ASEAN initiative to expand trade and investment ties at a meeting in Cambodia Nov. 19. The “U.S.-ASEAN Expanded Economic Engagement” (E3) initiative identifies specific cooperative activities to facilitate trade and investment, increase efficiency and competitiveness of trade flows and supply chains throughout ASEAN, and build greater awareness of the commercial opportunities of the U.S.-ASEAN economic relationship, the White House said. Furthermore, the initiative will lay the groundwork for ASEAN countries to join the Trans-Pacific Partnership (TPP), it said.
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Joint activities to be undertaken between the U.S. and ASEAN include:
Trade facilitation agreement. The U.S. and ASEAN members will negotiate a trade facilitation agreement, including simplified customs procedures and increased transparency of customs administration.
ICT principles. The countries will develop joint Information and Communications Technology principles, to guide policymakers on issues like cross-border information flows, localization requirements, and the role of regulatory bodies.
Investment principles. These principles would address essential elements of investment policies, including market access, non-discrimination, investor protections, transparency, and responsible business conduct.
Standards development. The U.S. and ASEAN will work together on standards development and practices, small- and medium-sized enterprises (SMEs), and trade and the environment.
Following the Nov. 19 ASEAN meeting, President Obama attended the East Asia Summit on Nov. 20, where Asia-Pacific leaders discussed energy cooperation, maritime security, and non-proliferation.
ASEAN members include Indonesia, Malaysia, the Philippines, Singapore, Thailand, Brunei, Burma (Myanmar), Cambodia, Laos, and Vietnam.
Fact sheet on the E3 initiative available here.
Joint statement of the 4th ASEAN-U.S. Leaders’ Meeting available here. Fact sheet available here.
Fact sheet on the East Asia Summit available here.