Weekly Trade Spotlight: U.S.-ASEAN Trade Relations
This week, United States Trade Representative Ron Kirk will meet with leaders and dignitaries from some of the 10-member countries of the Association of Southeast Asian Nations (ASEAN). This weekly trade spotlight highlights the benefits trade with ASEAN countries brings America.
From Seattle to Miami, American businesses, workers and families are benefitting from United States-ASEAN trade. The $203 billion in goods and services trade makes the ASEAN trading region America’s 5th largest trading partner, supporting nearly 800,000 jobs in America. And the future of U.S.-ASEAN trade looks positive.
With all 10 ASEAN economies expected to experience positive economic growth in 2010, ASEAN countries offer growing market potential for American businesses, and many American companies are creating new jobs at home by exporting to Southeast Asia.
Small- and medium-sized companies have been at the forefront of trade with ASEAN countries, and these businesses are located all across America – from small towns to big cities. These small businesses have been big players in job creation with over 65 percent of new jobs in the United States attributed to small businesses.
In the town of Madison, Alabama one business that manufactures electronics has expanded into the ASEAN market, finding demand for their product in Malaysia. Another company based just outside of Atlanta, Georgia that produces equipment used in supermarkets has also found a market in ASEAN. American aviation companies also export planes, parts, and technology to countries in ASEAN like Vietnam and Indonesia.
With the increased trade of goods to ASEAN countries, ports throughout the nation will continue to buzz with activity, supporting even more American jobs.