KUALA LUMPUR: Total trade between Asean and the United States reached a record US$453bil (RM1.9 trillion) last year, says Tengku Datuk Seri Zafrul Abdul Aziz.
The Investment, Trade and Industry Minister also said Asean exports to the United States surged to US$312bil (RM1.31 trillion) during the same period, an increase of about US$42bil RM176.5bil) from the previous year.
“That is a nearly 16% increase from the previous year,” he said in his opening remarks during the Asean Economic Ministers (AEM)-US Trade Representative (USTR) meeting on Wednesday (Sept 24).
Tengku Zafrul said the same is seen in investment figures, as the United States was Asean’s largest source of foreign direct investment with inflows exceeding US$42bil last year.
“That is not just capital, it is a clear word of confidence in Asean’s future and in the opportunities that our region provides,” he added.
Tengku Zafrul also said Asean-US ties go beyond trade and investment, as 4.6 million Americans are visiting the regional grouping's 10 member countries.
“These are not just tourists, but students, entrepreneurs, innovators and families. They strengthen the bonds that unite our regions,” he said.
Meanwhile, Tengku Zafrul said the AEM-USTR Consultation on Wednesday will review the Trade and Investment Framework Agreement (Tifa) and the US-Asean Enhanced Economic Engagement Initiative (E3) work plan, while exchanging views on challenges shaping the global economy.
“It's a timely conversation, because we all feel the winds of change, whether it's supply chains, digital transformation, or the global push for greener, more sustainable growth.
"Today's consultation will set a clear direction for the next phase of Asean-US cooperation.
“Let us continue building on what we already have, a shared commitment to openness, resilience and prosperity that benefits all our people,” he said.
