For Immediate Release: May 21, 2012
Contact: Mara Lee (202) 482-3809
Obama Trade Official Promotes Expansion of U.S. Trade with Southeast Asia Markets During Trade WInds - Asia
Under Secretary Francisco Sánchez Concludes Visit to Singapore, Thailand, Malaysia
KUALA LUMPUR, Malaysia – Under Secretary of Commerce for International Trade Francisco Sánchez today concluded his participation in Trade Winds – Asia with a stop in Kuala Lumpur, Malaysia. Throughout his Trade Winds visit to Singapore, Thailand, and Malaysia, Sánchez has promoted the benefits of expanding U.S. exports to Southeast Asia, and discussed increasing foreign direct investment from the region into the United States.
“The Asia-Pacific region has developed into an economic force in the world, and the United States has played a role in this growth,” Sánchez said in keynote remarks kicking off the mission. “Our bilateral trade relationship with the region is a win for all parties.”
Roughly one hundred U.S. companies interested in Southeast Asia’s markets were involved in Trade Winds 2012, an eight-day trade and business development conference, and multi-sector trade mission. The mission was held in Asia for the first time, reflecting the U.S. Commerce Department’s commitment to keeping the U.S.-Asia-Pacific partnership growing as it continues to generate jobs and expand economies on both sides of the Pacific.
U.S. goods exports to the broader Asia-Pacific region totaled nearly $900 billion in 2011 — a 15 percent increase from 2010 – and equal to more than 60 percent of total U.S. goods exports to the world.
“Our partnerships are providing jobs and growth for the American economy, while U.S. products and services are helping to fuel economic development throughout the region,” Sánchez added.
While in Asia, Sánchez met with local American Chambers of Commerce to highlight the International Trade Administration’s support in advancing U.S. commercial interests in Southeast Asia. He also met with State representatives to promote the SelectUSA program.
Sánchez also met with government officials and business leaders in the region to highlight and discuss bilateral trade agenda such as the advancement of the Trans-Pacific Partnership, as well as advocate on behalf of U.S. companies bidding on major infrastructure development projects. Sánchez also promoted Maylasia Foreign Direct Investment (FDI) into the U.S.
The top five U.S. exports to Malaysia are Computer and Electronic products totaling $7.4 billion, Machinery (except electrical), totaling $1.3 billion; Transportation equipment, totaling $1.1 billion; Chemicals totaling $831.3 million; and Agricultural products totaling $517 million.
“Trade Winds was more than a conference: it was an opportunity to strengthen U.S. – Asia commercial ties, while working to boost U.S. exports and support American jobs,” Sánchez said. “I’m happy that public and private sector representatives came together to make the most of this opportunity.”
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