US-Asean Connect Initiative to strengthen economic cooperation
US-Asean Connect Initiative to strengthen economic cooperation
Sunnylands, California, the United States: US-Asean Connect, the new initiative supported by the government of the United States, is set to boost economic cooperation between the US and the 10 Asean member countries in coming years.
US President Barack Obama announced the initiative this week at the two-day special US-Asean Summit convened here on Monday and Tuesday.
The initiative has four organizational pillars - Business Connect, Energy Connect, Innovation Connect and Policy Connect – aimed at boosting cooperation between the US and Asean, according to the US Mission to Asean.
Business Connect supports increased commercial engagement between the US and Asean businesses in a variety of regionally important sectors, including ICT and infrastructure. Business Connect will assist Asean as it implements measures to facilitate greater trade and economic integration under the Asean Economic Community and offer coordinated, proactive support for US businesses.
Business Connect will also bring US and Asean businesses together to capitalise on opportunities created through the Asean Economic Community. It will continue to advance efforts including the US-Asean Air Transport Working Group Work Plan, and US Trade and Development Agency (USTDA) project preparation programmes.
President Obama said in a press conference held shortly after the summit that the US-Asean Connect is a network of hubs across the region to better coordinate US-Asean economi c engagement and connect more of their entrepreneurs, investors and businesses with each other.
“I affirm our strong support for the Asean Community and pledge that the United States will continue to be a partner in Asean's efforts to integrate economies and reduce barriers to trade and investment,” he said.
Energy Connect assists in the development of power sectors in Asean built around sustainable, efficient, and innovative technologies. It will support the connectivity, clean energy and energy security goals of Asean.
Innovation Connect supports Southeast Asia's emerging entrepreneurial ecosystem through policy support and direct engagement with entrepreneurs. Technical assistance under Innovation Connect will include the Young Southeast Asian Leaders Initiative (YSEALI) Innovation Challenges and economic programmes, the Global Entrepreneurship Programme, Innovation Road shows, and support for the Asean Science Prize for Women.
Policy Connect focuses on supporting Asean countries in creating a policy environment conducive to trade and investment, digitally enabled innovation, and sustainable and equitable economic growth, which includes providing capacity building and technical support to member states.
Programmes under Policy Connect include the US-Asean Trade and Investment Framework Arrangement work plan initiatives, such as Asean Single Window support, Standards Cooperation, and a new series of US-Asean Trade Workshops.
To support the implementation of the US-Asean Connect, the US government is establishing a network of three Connect Centres in Jakarta, Singapore, and Bangkok.
Asean countries collectively comprise the fourth-largest trading partner for the United States. Two-way trade in goods and services has tripled since the 1990s, topping US$254 billion in 2014.
US businesses have been the largest cumulative source of foreign direct investment in Asean and Asean countries are increasing their investment in the United States, according to the US Mission to Asean.
