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US-Brunei TIFA Builds on Trade and Investment
Momentum with ASEAN
Trade and Investment Framework Agreement is second signed in past
two months with an ASEAN nation
(Washington, DC) The Trade and Investment Framework Agreement (TIFA)
signed between the United States and Brunei during the Sultan of Brunei’s
visit to Washington, DC demonstrates the commitment of the United States
to follow through on pledges to pursue trade and investment liberalization
with ASEAN, according to US-ASEAN Business Council President Ernest Z.
Bower.
"The U.S. government has vigorously moved to expand economic and other forms of cooperation with ASEAN [Association of Southeast Asian Nations], and has backed up its words with action." Bower said. In October, President Bush announced the Enterprise for ASEAN Initiative (EAI), under which the United States will offer the prospect of free trade agreements with any interested ASEAN nation that undertakes economic and market-oriented reform. The President’s announcement followed Secretary of State Colin Powell’s August announcement of the ASEAN Cooperation Plan, under which the U.S. will work with ASEAN on key transnational issues and provide support for the integration of ASEAN.
The TIFA creates a Joint Council to examine ways in which to expand and liberalize trade and investment between Brunei and the United States, including in such areas as intellectual property, information technology, biotechnology policy, tourism, small- and medium-sized enterprise (SME) participation in trade and investment, and capacity building. The December 16 signing of the TIFA follows a similar agreement reached with Thailand in late October. The United States also has TIFAs with Indonesia and the Philippines, and is in the final stages of concluding a free trade agreement with Singapore. Under the Enterprise for ASEAN Initiative, a TIFA is required before a free trade agreement (FTA) can be pursued.
Brunei Darussalam’s economy is largely reliant on oil and gas exports. For a number of years, the Government of Brunei has sought to diversify its economy, with only mixed results. According to the US-ASEAN Business Council, the TIFA – and a potential future FTA with the U.S. – would be important in supporting Brunei’s economic diversification effort.
The US-ASEAN Business Council is America’s leading private business organization dedicated to promoting increased trade and investment between the United States and the member nations of ASEAN. The Council's membership includes approximately 150 of the Fortune 1000 American companies with trade and investment interests in the ASEAN region, and the council's members are represented in diverse industries, including aerospace, agribusiness, automobiles, computers and information technology, consumer goods, energy exploration and development, express delivery services, financial services, health care and pharmaceuticals, software, and telecommunications. For information on the US-ASEAN Business Council or general information on the ASEAN region, please contact John Goyer at jgoyer@usasean.org or visit the Council's Web site at www.us-asean.org.
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