International Trade and Industry Minister Datuk Seri Mustapa Mohamed said the US had last year overtaken Japan as the third largest trading partner for Malaysia recording US$33 billion (RM136.3 billion) in trade. China is the largest trading partner followed by Singapore.

“The US is an important country in determining the state of the world economy and now its economy has grown fast at 2.4 per cent with a low unemployment rate at 4.9 per cent.

” billionateral trade and investment relations are good and the trade surplus is in our favour,” Mustapa told a press conference on the eve of the US-Asean Summit hosted by President Barack Obama.

Mustapa said a more aggressive approach was needed in getting Malaysian companies to venture into US markets.

Mustapa who arrived from Kuala Lumpur yesterday, visited a Malaysian franchisor outlet, Papparich, in Los Angeles which opened three months ago.

“The response has been very good and they plan to open another outlet in the US,” he said, adding that Papparich has 36 outlets overseas, mostly in Australia.

Another Malaysian company, Top Glove, a manufacturer of rubber gloves recorded 15 per cent growth last year, with the US and Canada being its biggest market.

“Top Glove products are being taxed at least 3.5 per cent in the US but when the Trans Pacific Partnership agreement is enforced, the tax will be abolished,” he added.

Mustapa said the success of these companies was the result of government-private sector efforts.

“The Prime Minister’s working visit to California will help further promote Malaysia as an attractive investment country for American companies. His visit comes at the right time to tap investment potential and to promote the Malaysian brand.”

After attending the summit here, Najib is scheduled to meet fund managers in San Francisco and visit Apple Inc and Tesla headquarters.

Mustapa said Malaysia and Asean were being seen as a dynamic region by the US, adding that Asean-US trade in 2014 was recorded at US$212.4 billion (RM877.4 billion).

He said Asean economic ministers would be conducting a roadshow this week to promote Asean as an attractive region for investment.