The TIFA creates a Joint Council to expand and liberalize trade and investment. This includes areas such as intellectual property, information and communications technology, biotechnology policy, tourism, enhancing the participation of small- and medium-sized enterprises in trade and investment, and support for Malaysia-America's tenth-largest trade partner-to participate in and implement trade negotiations.

Typically, the U.S. uses TIFA discussions to address trade issues of longstanding concern and often to establish the necessary conditions for movement towards a free trade agreement.