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Pertemuan Pemimpin ASEAN dan AS di Kamboja (REUTERS/Jason Reed )
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VIVAnews - U.S. and ASEAN launched a new initiative to expand trade and investment between the two sides. This initiative signifies that the U.S. commitment to fostering relations with Southeast Asia grew stronger.
According to news agency Reuters, the new agreement appears in the high-level meeting between U.S. President Barack Obama, the leaders of the ten ASEAN member countries, including President Susilo Bambang Yudhoyono of Indonesia. The meeting took place in Phnom Penh, Cambodia, on 19 November 2012.
The initiative was named the US-ASEAN Economic Expanded Engagement. With this initiative, the participating countries will formulate ways simplify customs procedures, jointly protect investors and make the principles of business conduct.
This collaboration also aims to pave the way for the formation of new economic blocs, namely Cross-Pacific Partnership (TPP), which raised U.S. with the ten ASEAN member countries. However, this does not involve the TPP bloc China.
The new cooperation is also seen as a way for Washington to show their existence in trade and economic relations in Southeast Asia. This area is considered to include those currently has rapid economic growth, thus inviting appeal of American businessmen and tourists.
"ASEAN is the fourth largest export market for the U.S. and the fifth largest trading partner for us," according to the office of the U.S. presidency (the White House). "The rapid economic development continues in ASEAN creates many opportunities for U.S. exports," said the White House.
The amount of U.S. enthusiasm in expanding economic and trade cooperation with ASEAN was also seen as a strong anticipation of China's influence. When the U.S. was busy preparing the TPP bloc, China did not want to lose by making a similar block named Regional Comprehensive Economic Partnership (recp). This partnership involves joint ASEAN countries, such as China and India.
ASEAN consists of ten countries of Southeast Asia. They are Brunei Darussalam, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam. (Umi)
