The United States and ASEAN concluded the U.S.-ASEAN Trade and Investment Agreement (TIFA) in 2006 and have been working ever since to establish trade and investment relations between the United States and ASEAN and to promote ASEAN`s regional economic integration. The United States intensified its TIFA work in 2009 and has submitted a number of ambitious proposals from senior NA officials that will be followed as part of THE TIFA work plan. These initiatives aim to achieve concrete results in a wide range of areas, including trade facilitation, logistics, the digital economy, trade finance, trade and the environment. The ten ASEAN countries together make up the United States` fourth largest export market and its fifth largest trading partner. ASEAN countries include Brunei, Burma, Cambodia, Indonesia, Laos, Malaysia, the Philippines, Singapore, Thailand and Vietnam. U.S. trade with ASEAN continues to grow, with trade in two goods growing at $177 billion in 2008. With strong economies and a total population of about 550 million, the ten ASEAN market member states offer significant potential opportunities for U.S. companies.
«This TIFA will strengthen trade between our nations and demonstrate our commitment to help Brunei Darussalam diversify its economy,» zoellick said. «We welcome Brunei Darussalam`s positive response to President Bush`s «Companies for ASEAN» initiative, as evidenced by his rapid efforts to conclude an TIFA. We look forward to working closely with Brunei Darussalam to further strengthen our economic relations at the bilateral level and with ASEAN. Trade relations between the United States and Uruguay have grown considerably in recent years. In 2002, Uruguay and the United States established a Joint Trade and Investment Commission (JCTI) to exchange information on a wide range of economic issues. The Commission used the two countries as an important mechanism to improve and expand their trade relations and facilitated successful negotiations on the bilateral investment treaty between the United States and Uruguay (ILO), which came into force on 1 November 2006. The United States and Uruguay signed the TIFA between the United States and Uruguay on January 25, 2007. TIFA has established the U.S.
and Uruguay`s Trade and Investment Council (ICT) and serves as a mechanism for deepening the dialogue on trade and investment. On October 2, 2008, the two governments signed TIFA protocols that cover key commitments to facilitate trade and public participation in trade and the environment.https://wikifama.com/trade-and-investment-framework-agreement/