The International Trade Council reports that US President Joe Biden has committed to investing $150 million in Southeast Asia, supporting infrastructure, security, and anti-pandemic efforts. This announcement comes during the two-day summit held in Washington between the US and the 10-nation Association of Southeast Asian Nations (ASEAN). The goal is to counterbalance China's increasing influence in the region while demonstrating Washington's continued focus on the Asia-Pacific.
ASEAN leaders are expected to appreciate the US's commitment to bolstering economic cooperation and regional development. The financial commitment includes a $40 million investment to reduce the carbon footprint of the region's power supply, $60 million for maritime security, and $15 million for health funding to combat COVID-19 and future pandemics. Additional funding will be allocated to assist countries in developing their digital economies and establishing legal frameworks for artificial intelligence.
The International Trade Council recognizes the importance of international partnerships in promoting economic growth and regional stability. This collaboration with ASEAN will strengthen the bonds between the US and Southeast Asia while addressing shared concerns, such as China's increasing regional influence. The Council will continue to monitor developments and provide updates on the international trade landscape.