US-Southeast Asia trade up 55% since Obama in office

By Esra Kaymak Avci

WASHINGTON

Trade between the U.S. and Southeast Asian countries has increased 55 percent since President Barack Obama took office in 2009, he said Monday during a summit meeting of Southeast Asian countries.

At a meeting with the 10 leaders that make up the Association of Southeast Asian Nations, or ASEAN, Obama said the region was currently the fourth largest goods trading partner of the U.S., including that of U.S. exports that supported more than 500,000 jobs for Americans in recent years.

In return, American companies have been the largest source of foreign investment for ASEAN, Obama said, which has helped the region's GDP increase and lifted many out of poverty into the middle class.

"Here at this summit, we can build on this progress and do more to encourage entrepreneurship and innovation so that growth and development is sustainable and inclusive and benefits all people," he said.

The summit was hosted by the U.S. for the first time, with a focus on closer economic and strategic relations during the two-day program at a resort in California.

The first-day session focused on the economy.

The summit is also expected to discuss issues concerning security, politics, terrorism and the South China Sea.

Prior to Obama's address, White House National Security Adviser Susan Rice stressed the importance of the Asian region. "The Asia Pacific region is increasingly the world’s political and economic center of gravity," she said.

In addition to economic ties, Obama emphasized increased security cooperation between the U.S. and ASEAN nations could be helpful in meeting shared challenges, including humanitarian crises, adding that both sides should continue to do more.

"As we were reminded again by the attack in Jakarta last month, the scourge of terrorism demands that we stay vigilant, share more information and work cooperatively to protect our people," he said, referring to an attack at a coffeehouse that killed seven people, including attackers.

Members of the regional blck include Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.