Asean, US deepen trade ties with new 2026–2027 cooperation plan

MANILA: The Association of Southeast Asian Nations (Asean) and the United States (US) are deepening economic cooperation through a new two-year work plan aimed at strengthening trade and investment ties in key areas such as the digital economy, agriculture, trade facilitation and micro, small and medium enterprises (MSMEs), Philippine News Agency (PNA) reported.

The 2026–2027 Asean-US Trade and Investment Framework Arrangement (TIFA) Work Plan was endorsed during the Asean Economic Ministers-United States Trade Representative (AEM-USTR) Consultation in Manila on Sunday, co-chaired by Trade Secretary Ma. Cristina Roque and US deputy trade representative Ambassador Rick Switzer.

In a joint statement, the Asean and US economic ministers said the new work plan builds on the implementation of the 2025–2026 TIFA Work Plan, which delivered outcomes in areas including the digital economy, trade facilitation, intellectual property rights, good regulatory practices and agriculture.

Asean and the US also reaffirmed their commitment to maintaining and expanding trade and investment ties as they navigate regional and global economic challenges, including the need to keep trade corridors open and strengthen supply-chain resilience.

Based on preliminary Asean statistics, two-way merchandise trade between Asean and the US reached US$550.5 billion in 2025, while US foreign direct investment (FDI) into the region stood at US$30 billion during the same period.

The latest work plan identifies several areas for deeper cooperation, including the digital economy, MSME development, trade facilitation, intellectual property rights, standards, good regulatory practices, labour, agriculture, competition and consumer protection, and strategic trade management.

The ministers also underscored the continued relevance of the Asean-US TIFA, which was signed in 2006 and has served as a key platform for economic engagement between the two sides for two decades.

"The meeting underscored the importance of ensuring that the TIFA remains relevant, responsive, and forward-looking, and continuing to align it with the evolving priorities of both Asean and the United States, while reinforcing its role as the primary platform for advancing Asean-US economic cooperation in the years ahead," the ministers said.

The meeting likewise recognised the role of the US-Asean Connect Series in promoting digital cooperation, supporting MSMEs and connecting businesses, investors and entrepreneurs, as well as the Asean-US Partnership Programme in providing technical assistance and capacity building to Asean member states.

The ministers further reaffirmed the importance of working together to improve the World Trade Organisation and welcomed the contributions of plurilateral initiatives in advancing discussions on emerging trade issues.