ASEAN and Canada are aiming to conclude the negotiations on a free trade agreement (FTA) by 2025. (Source: VNA) Jakarta (VNA) – ASEAN and Canada are aiming to conclude thenegotiations on a free trade agreement (FTA) by 2025, and both sides haverecently moved a step closer to the goal.
Director-General at theInternational Trade Negotiations at Indonesian Ministry of Trade Djatmiko BrisWitjaksono, who is also the lead negotiator for ASEAN, said that at the fifthtrade negotiating committee for the ASEAN – Canada FTA (ACAFTA) talks recentlyheld in Bali, both sides had agreed to wrap up the negotiations within two years.
The ACAFTA will become ASEAN’s first FTA with the Americas, he said, addingnegotiators must work towards the substantial conclusion of its negotiations by2025.
Djatmiko Bris Witjaksono said the fifth round of the ACAFTAtalks discussed several outstanding issues, including labour and environment.
The Bali meeting also brought together a numberof working groups, among others, on investment, intellectual property, andtrade in goods. In this round, we have agreed on many articles and paragraphs.
ASEAN and Canada agreed to launch the ACAFTA negotiations in2021. Canada called the 10-membered ASEAN grouping its fourth-largest tradingpartner in 2021. Last year, two-way trade totaled 40.7 billion USD.
A joint feasibility study shows that a Canada-ASEAN FTA thatliberalises trade in goods reduces non-tariff measures, and improves tradefacilitation can increase the Southeast Asian bloc’s gross domestic product(GDP) by 39.4 billion USD. The same study shows that Canada is expected to geta 5.1 billion USD in GDP gain./.
Director-General at theInternational Trade Negotiations at Indonesian Ministry of Trade Djatmiko BrisWitjaksono, who is also the lead negotiator for ASEAN, said that at the fifthtrade negotiating committee for the ASEAN – Canada FTA (ACAFTA) talks recentlyheld in Bali, both sides had agreed to wrap up the negotiations within two years.
The ACAFTA will become ASEAN’s first FTA with the Americas, he said, addingnegotiators must work towards the substantial conclusion of its negotiations by2025.
Djatmiko Bris Witjaksono said the fifth round of the ACAFTAtalks discussed several outstanding issues, including labour and environment.
The Bali meeting also brought together a numberof working groups, among others, on investment, intellectual property, andtrade in goods. In this round, we have agreed on many articles and paragraphs.
ASEAN and Canada agreed to launch the ACAFTA negotiations in2021. Canada called the 10-membered ASEAN grouping its fourth-largest tradingpartner in 2021. Last year, two-way trade totaled 40.7 billion USD.
A joint feasibility study shows that a Canada-ASEAN FTA thatliberalises trade in goods reduces non-tariff measures, and improves tradefacilitation can increase the Southeast Asian bloc’s gross domestic product(GDP) by 39.4 billion USD. The same study shows that Canada is expected to geta 5.1 billion USD in GDP gain./.
VNA
