As the Washington Post recently pointed out "Trade is big in Asia" and trade can play an even bigger role in the U.S. economic recovery; which is why the U.S. Chamber applauds the first ever U.S. summit with leaders of the Association of Southeast Asian Nations (ASEAN) held recently in Singapore and the agreement to enhance the Trade and Investment Framework Arrangement (TIFA) between the U.S. and the region.

ASEAN -- made up of Brunei, Burma, Cambodia, Indonesia, Laos, Malaysia, the Philippines, Singapore, Thailand, and Vietnam -- has caught the imagination of American business leaders as a market of great promise. Strong growth in Southeast Asia and opportunities for our companies could be enhanced if our governments worked together to put more meat on the bones of the TIFA. Hopefully the agreement can eventually culminate in negotiations for a U.S.-ASEAN free trade agreement as proposed recently by Senator Richard Lugar.

Southeast Asia offers vast opportunities for U.S. companies and a broader trade accord with ASEAN is worth exploring, despite such hurdles as varying levels of development and market openness among the ASEAN economies. Trade negotiations would help keep the U.S. fully engaged with a region that has recently clinched trade deals with China, Japan, Korea, India, and others. As the Wall Street Journal warned last week "U.S. companies could find themselves on the wrong side of deals negotiated among other countries" if we fail to advance a trade agenda that is pro-growth and pro-jobs. This summit was an important first step, now we need to get off the sidelines and get in the game.