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Canada, ASEAN seek to diversify trade in Indo-Pacific

The Canada – ASEAN Initiatives Association at the York Centre for Asian Research held a seminar entitled “Canada and ASEAN: Trade Diversification in the Indo-Pacific” in Ontario, Canada on November 26.
Canada, ASEAN seek to diversify trade in Indo-Pacific ảnh 1Former Canadian Ambassador to the WTO and Japan Jonathan Fried (L) at the event (Photo: VNA)

Ottawa (VNA) – The Canada – ASEAN InitiativesAssociation atthe York Centre for Asian Research held a seminar entitled “Canadaand ASEAN: Trade Diversification in the Indo-Pacific” in Ontario, Canada onNovember 26.

Theevent, held both online and offline, focused on the need for Canada and Ontarioin particular to diversify trade with Southeast Asian nations where the middle-classpopulation keeps growing. Participants also shared their interest in ensuringfree trade flows in the Indo-Pacific.

SeniorManager of the Export Development Canada Kevin Sullivan presented trade andinvestment opportunities that Canadian firms could explore in Southeast Asia.

With a673 million population and a gross domestic product of over 3.1 trillion USD,Southeast Asia plays a crucial role in the global economic growth, he said,adding that infrastructure in Southeast Asia – with an annual demand of nearly200-300 billion USD, are opening up great opportunities for Canadian firms.Other fields such as information and communications technology, outer space,oil and gas, and processed food are also promising.

According to him, ASEAN –the third populous market behind China and India – is now the sixth largesttrade partner of Canada. Trade in goods between ASEAN and Canada hit 26.7billion CAD (20.8 billion USD) last year while their value of commerce and servicesreached 5.8 billion CAD. These figures are forecast to keep increasing as Canada alreadyestablished standing representative agencies in 10 ASEAN member states.

Former CanadianAmbassador to the World Trade Organisation (WTO) and Japan Jonathan Fried, who is heading a special Secretariat atthe Global Affairs Canada on the design of Ottawa’s first strategy covering theIndo-Pacific, said the recent developments in the Indo-Pacific will determinethe success of the global economic recovery following COVID-19 pandemic.

Directorof the Council on International Policy in Ottawa Jonathan Berkshire Miller expressed his delightat the recent launch of negotiations on the Free Trade Agreement between Canada andASEAN. He suggested that Canada should build an Indo-Pacific Strategy alongsidestrengthening engagement with ASEAN./.

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