On behalf of my ASEAN Colleagues, I wish to extend to you, Mr. Secretary, and to the distinguished members of your Delegation a warm welcome to this annual session of the Post Ministerial Conferences (PMC) between ASEAN and the United States of America.

To us in ASEAN, your presence here today, Mr. Secretary, signifies the commitment of the United States to its dialogue partnership with ASEAN which has already lasted two decades. It has been a mutually rewardimg partnership. This meeting accords us the opportunity to assess the progress that we have achieved in those two decades and to explore possible future directions that we can take in the pursuit of common development and security goals.

For it is in the shared interest of the United States and ASEAN that the Asia-Pacific region remain an area of peace, stability and economic dynamism. It is therefore essential that the United States and ASEAN should not only remain engaged but should intensity their cooperation in the political and security field as well as development.

We appreciate the active participation of the US in the inter- sessional meetings of the ASEAN Regional Forum (ARF), especially its co-chairing with Singapore the recent inter-sessional meeting on Search and Rescue coordination and cooperation (ARF ISM-SAR) in the Asia Pacific held in Honolulu. This inter- sessional meeting has certainly contributed to the growth of mutual trust and confidence among ARF participants.

Mr. Secretary,

Economic cooperation and trade between the United States and ASEAN have been increasing significantly. For a good number of years now, ASEAN has been the fastest growing major market for US exports. Since 1990, for instance, US exports to ASEAN bas increased by 109 percent. On the other hand, the United States now accounts for one-fifth of ASEAN's aggregate global trade and ranks second only to Japan as ASEAN's trading partner. However, we cannot but observe with deep concern the recent tendency of the US Government to impose extra-territorially some domestic economic policies which are inconsistent with the WTO agretments.

We anticipate a further substantial expansion of ASEAN-US trade relations upon completion of the AFTA which will enlarge the already sizable ASEAN market. Once ASEAN becomes a free trade area, we can expect it to become an ideal base for manufacturing enterprises, making it all the more attractive to foreign direct investors, including US investors. Today, direct US investments in the ASEAN countries are already steadily growing. According to data released by the US Department of Commerce, the value of US.investments in the ASEAN countries more than doubled in a period of four years, front US$ 11.793 billion in 1990 to US$ 24.5 billion. in 1994.

The bulk of direct US investments in ASEAN countries are in manufacturing and petroleum representing respectively 40 per cent and 33.7 percent of total US investments 'in ASEAN. The rest are in services and others. In this regard, ASEAN wishes to invite US investors to took into exceptionally promising sectors such, as infrastructures including building, and construction, energy and minerals, food production and packaging. We are also ready to consider opening up further our telecommunication and information technology sectors.

Mr. Secretary,

One reason US investments are so welcome in ASEAN is that we are hoping, they would be duly attended by technology transfers which would help enhance the human resources development endeavours of the ASEAN countries. We also hope that our trade and investment promotion activities such as seminars, workshops and meetings among the government and private sectors of both parties will be intensified. These have proven to be very effective in boosting trade and the flow of investment into ASEAN countries.

We in ASEAN look forward to the implementation of the projected US-ASEAN Alliance for Mutual Growth (AMG) as proposed by the US at the AEM-USTR Meeting in Seattle. The cooperative programmes envisioned in this initiative will undoubtedly encourage the development of SMEs, technology flows, human resources development, trade and commercial ties, infrastructures building, cooperation in standards, and environmental protection. ASEAN would like to suggest that the ASEAN-US Business Council (AUSBC) be more actively engaged in the AMG programme. Aware of the pivotal role of the private sectors of both sides in expanding commercial and economic linkages, ASEAN would welcome their vigorous involvement in the AMG, especially if the public-private partnership thus formed would concentrate on priority areas.

ASEAN continues to regard development cooperation as an integral part of our dialogue relations. ASEAN therefore highly appreciates the contributions of the United States Agency for International Development (USAID) and its support for ASEAN projects. Much to our dismay, however, the funding provided through Private Investment and Trade Opportunities (PITO) has come to an end, thus leaving only the Environment Improvement Programme (EIP) as the sole funding source.

ASEAN would welcome any expansion of development cooperation activities into the social and cultural fields in order to strengthen cultural links between ASEAN and the US. The fostering of people to people contacts is indispensable for the promotion of mutual awareness and understanding between our peoples. This cooperation could be intensified through undertakings similar to the USIA's Fulbright programmes which promot cultural, artistic and educational activities and exchanges.

Mr. Secretary,

We are confident that this dialogue process will continue to serve as an effective vehicle for enhancing the ties of friendship and cooperation between the United States and ASEAN.

I hope that from these discussions the US and ASEAN will achieve greater understanding of each other's views on a wide range of complex issues and concerns.