ASEAN, Canada launch negotiations for Free Trade Agreement
The launch of negotiations for an ASEAN-Canada Free Trade Agreement (FTA) was officially announced at the 10th ASEAN Economic Ministers – Canada Consultation on November 17.
Jakarta (VNA) –The launch of negotiations for an ASEAN-Canada Free Trade Agreement (FTA) wasofficially announced at the 10th ASEAN Economic Ministers – CanadaConsultation on November 17.
The launch of negotiationsillustrates the growing depth of ASEAN-Canada economic ties and the importancethat each side places on deepening the bilateral relationship, the Secretary ofASEAN said in a press release.
This also represents a significant milestone in the ASEAN-Canada relationshipand a meaningful step in Canada’s renewed commitment to trade and economicengagement in the region, it said.
According to the SecretaryGeneral of ASEAN Dato Lim Jock Hoi, theFTA would strengthen ASEAN-Canada economic relations, connect ASEAN closer tothe global value chains, and improve market access for both ASEAN and Canadianfirms.
The announcement builds onstrong economic relations between ASEAN and Canada, which has witnessed asteady growth since the establishment of the official dialogue relationship in1977.
In the past year, bilateraltrade relations between the two sides remained strong despite the COVID-19pandemic and its impact on the global economy. According to Canada’sstatistics, in 2020 total two-way merchandise trade was valued at 19.9billion USD, reflecting a slight decrease of 2.4 percent year-on-year.
The stock of foreig🙈n directinvestment (FDI) from Canada to ASEAN Member States reached 12.5 billion USD,an increase of 11.7 percent year-on-year, whi🌱le the stock of FDI from ASEANMember States to Canada was 1.2 billion USD, a decrease of 0.9 percent year-on-year./.
A free trade agreement between the Association of Southeast Asia Nations (ASEAN) and Canada will be a win-win for all sides, particularly in the context of economies that are struggling to come out of the pandemic, Canada’s Prime Minister Justin Trudeau has said.
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ASEAN member countries and Canada have agreed to launch negotiations on a free trade agreement (FTA) during the ASEAN Economic Ministers (AEM) – Canada Consultation which was held virtually on November 17.
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At the event. (Photo: asean.org) 
