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Canadian Minister of Export Promotion, International Trade and Economic Development Mary Ng (center) at the meeting (Photo: asean.org) |
The meeting noted the positive trajectory in the trade and investment relations between ASEAN and Canada, amid the unsteady recovery of the global economy from the COVID-19 pandemic.
According to Canada’s statistics, in 2022, the total two-way merchandise trade was valued at 31.2 billion USD, or an increase of 23.8% year-on-year, while the foreign direct investment (FDI) inflow from Canada to ASEAN reached 30.73 billion USD, up 13.4% year-on-year.
Participants affirmed their commitment to exert utmost efforts to enhance cooperation between parties to mitigate the economic impact of these geopolitical tensions to the region as well as to their bilateral trade and economic relations, particularly on issues related to food and energy security.
The meeting acknowledged and expressed appreciation to Canada for extending its support towards the region’s effort to recover from the COVID-19 pandemic through its contribution to the COVID-19 ASEAN Response Fund and personal protective equipment (PPE) donation to ASEAN, as well as support to the ASEAN Comprehensive Recovery Framework (ACRF) and its Implementation Plan, in the areas of public health surveillance and digital industries.
The two sides welcomed the progress of the ASEAN - Canada Free Trade Agreement (ACAFTA) negotiations, and tasked officials to continue intensive discussions to advance the negotiations towards a commercially meaningful ACAFTA for all stakeholders.
The meeting noted that both the ASEAN Outlook on the Indo-Pacific and Canada’s Indo-Pacific Strategy share relevant fundamental principles in promoting an open, inclusive, transparent and rules-based regional architecture in the Indo-Pacific region, in which ASEAN is central.
Delegates welcomed Canada’s technical assistance to ASEAN under the Expert Deployment Mechanism for Trade and Development (EDM).
They also welcomed the progress of the implementation of the third-year cooperation activities under the 2021 - 2025 Work Plan to implement the ASEAN - Canada Joint Declaration on Trade and Investment (JDTI Work Plan), while noting the satisfactory results from the continued consultations, dialogues and capacity-building program to improve economic governance and stimulate sustainable economic growth within the bloc.
Additionally, the Meeting welcomed the operationalization of the ASEAN - Canada Plan of Action Trust Fund in 2023. The Meeting noted that the Trust Fund would play an integral part in deepening and strengthening ASEAN - Canada relations across the three ASEAN Community pillars, including in supporting the ACAFTA negotiations.
Source: VNA