Asean-Canada strengthen dialogue, supporting trade, investment
Asean-Canada strengthen dialogue, supporting trade, investment
ASEAN-Canada bilateral trade has grown significantly with investment amounting to billions of US dollars in 2015 and positive performance benefiting both Canada and Asean.
Canadian statistics note that two-way merchandise trade between Asean-Canada has grown significantly; up 13.8 percent to approximately CAD$21.4 billion (US$16.24 billion) in 2015.
As a group, Asean ranked as Canada's sixth largest merchandise trading partner, according to a joint media statement released at the 5th Asean Economic Ministers-Canada Consultations on Thursday in Vientiane.
The stock of Foreign Direct Investment (FDI) from Canada to Asean amounted to over CAD$10 billion at the end of 2015 while the stock of FDI from Asean into Canada exceeded CAD$1 billion, the statement also noted.
For Laos, the Ministry of Planning and Investment reported recently that investment from Canada had a value of over US$65.79 million from 1989-2015.
The Ministry of Industry and Commerce also reported that Lao exports to Canada were about US$11.65 million in 2013-2014 and over US$15 million in 2014-2015.
Economic ministers from Asean and Canada met at the 5th AEM-Canada Consultations that were co-chaired by Ms Khemmani Pholsena, Laos' Minister of Industry and Commerce and Chrystia Freeland, the Canadian Minister of International Trade.
The meeting welcomed the establishment of Canada's Mission to Asean in Jakarta and the appointment of Canada's first dedicated Ambassador to Asean in January 2016 and the opening of Canadian diplomatic offices in both Laos and Cambodia.
The ministers welcomed the progress of the 2016-2020 Work Plan to Implement the Asean-Canada Joint Declaration on Trade and Investment (JDTI), which aims to stimulate increased trade and investment through strengthening dialogue and supporting private sector initiatives.
They agreed to establish an annual Asean-Canada Trade Policy Dialogue that will cover trade policy areas of mutual interest, and further agreed to task senior officials to prepare the draft terms of reference of a feasibility study on a potential Asean-Canada Free Trade Agreement.
They also expressed appreciation for Canada's continued support of Asean's post-2015 agenda. In particular, they noted the launch of new Canadian programming to foster progressive trade in Asean, valued at CAD$13.6 million.
These projects will focus on small and medium enterprise (SMEs) growth and more inclusive and equitable global value chains in the region.
Additional ongoing Canadian programming in support of the Asean Economic Community is valued at CAD$11 million in the areas of infrastructure, SMEs, agriculture and financial regulation.
The ministers also noted the priority that the new government of Canada has placed on clean economic growth and climate change.
During the dialogue with the Canada-Asean Business Council (CABC), they commended the council for its contribution to promoting Asean-Canada trade and investment, and noted that the 3rd Canada-Asean Business Forum under the theme of “Partnering for Growth in Asean” will be held in September 2016 in Indonesia.
The ministers encouraged the CABC to con tinue its active role in promoting Canadian business engagement in the region.
As 2017 marks the 40th anniversary of Asean-Canada Dialogue relations, they agreed to utilise the momentum to elevate the partnership to new heights by strengthening their engagement, expanding economic partnership, and identifying new areas of potential cooperation.
