Unloading containers at the port of Los Angeles, California, USA. (Source: THX/VNA)
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The ASEAN Economic Ministers and the Office of the US Trade Representative held a dialogue on “ASEAN: Enhancing Connectivity and Self-Reliance” on September 20 in Vientiane, focusing on three strategic groups: Economic Integration and Connectivity; Participatory and Sustainable Development; and Utilization of digital technology in regional economic and trade integration.
Lao Minister of Industry and Trade, Malaithong Kommasith, said that the meeting emphasized changing perspectives on economic development in the region and the world, evaluating the progress of the implementation of the ASEAN-US economic, trade, and investment cooperation plan, and discussing the adoption of a joint statement by the ASEAN Economic Ministers and the US.
He also expressed his hope for further development in trade and investment integration between ASEAN and the US, following the implementation of the economic, trade, and investment cooperation plan between the two sides.
ASEAN and the US have a long-standing economic partnership with strong trade and investment linkages. In 2023, the ASEAN-US merchandise trade value reached $395.9 billion, accounting for 11.2% of ASEAN’s total trade value, making the US ASEAN’s second-largest trading partner. Foreign direct investment (FDI) from the US to ASEAN member states reached approximately $74.4 billion, accounting for 32.4% of FDI inflows into ASEAN in 2023./.
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