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US, Southeast Asia in trade-liberalisation pact

Malaysia: The United States and 10 Southeast Asian nations signed a trade and investment agreement on Friday that opens the door to possible free-trade talks.

U.S. Trade Representative Susan Schwab signed the Trade and Investment Framework Agreement in Malaysia with the 10 member states of the Association of South East Asian Nations (ASEAN).

The United States is the biggest buyer of ASEAN goods and the region's largest foreign direct investor, pumping $8.7 billion into the region last year, ASEAN data shows. In 2004, U.S. demand accounted for 14 percent of ASEAN exports.

The framework agreement seeks to lower non-tariff barriers to trade and investment and is a necessary first step if both sides want to begin free-trade negotiations. Washington has played down this prospect, though it has a free-trade deal already with Singapore and is in free-trade talks with Malaysia and Thailand.

ASEAN comprises Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.

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