US-Asean trade reached US$453bil last year, says Tengku Zafrul

The Star

Total trade between Asean and the United States hit a record US$453bil (RM1.9 trillion) last year, with Asean exports surging nearly 16% to US$312bil (RM1.31 trillion), said Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz.  He said the US also remained Asean’s largest source of foreign direct investment, contributing over US$42bil in 2023 — reflecting strong confidence in the region’s growth prospects.  Tengku Zafrul also said the AEM-USTR meeting also reviewed the Trade and Investment Framework Agreement (Tifa), the Enhanced Economic Engagement (E3) work plan, and global economic challenges.  Read more at https://tinyurl.com/ujvembbe  WATCH MORE: https://thestartv.com/c/news SUBSCRIBE: https://cutt.ly/TheStar LIKE: https://fb.com/TheStarOnline

Transcript

00:00The United States is a very important dialogue partner of ASEAN, where in 2024, total trade

00:11between ASEAN and the U.S. reached a record of 453 billion U.S. dollars. And the U.S.

00:17is also our top export market outside the region, with ASEAN exports to the U.S. surging

00:24at 312 billion U.S. dollars, nearly 16 percent increase from the previous year, an addition

00:30of about 42 billion U.S. dollars in just one year. And when you look at investments, it

00:35tells a similar story. And in 2024, the U.S. was ASEAN's largest source of foreign direct

00:42investment, with inflows exceeding 42 billion U.S. dollars. And that's not just capital,

00:48is a clear vote of confidence in ASEAN's future and in the opportunities our region provides.

00:56And our ties go beyond trade and investment. People-to-people connections are thriving,

01:02with 4.6 million Americans visiting ASEAN last year. These are not just tourists, but students,

01:10entrepreneurs, innovators, and families. They strengthen the bonds that unite our regions

01:15together. Our agenda today builds on this solid foundation. We will review the 2024-2025 TIFA

01:23and E3 work plan, endorse the 25-26 work plan, and exchange views on the big challenges shaping

01:30the world economy. It's a timely conversation because we all feel the winds of change, whether

01:36in supply chains, digital transformation, or the global push for greener, more sustainable

01:42growth. As Chair, I'm confident that today's consultation will set a clear direction for the

01:48next phase of ASEAN-U.S. cooperation. Let us continue building on what we already have,

01:54a shared commitment to openness, resilience, and prosperity that benefits all our people.

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