Canada eyes stronger economic ties with ASEAN

Delegates attend the 12th ASEAN Economic Ministers (AEM)-Canada Consultation Meeting in Indonesia last August. (Photo: VNA)

Canberra (VNA) - Canada has so demonstrated a greater determination than ever in advancing economic, trade and investment ties with the ASEAN region, reflected through the recent establishment of the Canada-ASEAN Inter-Parliamentary Friendship Group and the recognition of the Canada-ASEAN Business Council (CABC) as Canada’s only entity officially associated with the region.

In an interview granted to the Vietnam News Agency in Canada, Senator Clement Gignac, Co-Chair of the friendship group, stressed that the two events reflected the country’s appreciation of its relationship with the ten-member bloc. He also pledged active engagement to help Canadian businesses strengthen their connection with ASEAN.

The presence of senators and members of parliament at the group also highlights the Canadian Parliament's commitment to fully support the CABC in its activities across the region, the legislator noted.

ASEAN has emerged as Canada's fourth-largest trade partner since 2021, with bilateral trade valued at approximately 50 billion USD.

CABC President Wayne Farmer highlighted the honour of the council in receiving this recognition as well as its commitment in enhancing economic relations between the sides. This opens up new avenues for cooperation, trade, and investment.

The inter-parliamentary friendship group's desire for collaboration with the CABC also signifies the government's genuine attention to its activities in the region, he said.

Lao Ambassador to the US and Canada Sisavath Inphachanh stated that this event demonstrates Canada's strong emphasis on supporting local businesses in building relationships with bloc member countries. The CABC has long played a significant role in promoting business investment activities in the region, while the friendship group will work to facilitate support for Canadian companies seeking investment opportunities in the ASEAN region.

Established in 2012 in Singapore, the CABC aims to promote and strengthen trade relations between private Canadian enterprises and the ASEAN region.

Next month, it will participate in a Canadian trade delegation visiting Malaysia and Vietnam. Farmer noted that Vietnam is currently a top destination for many Canadian enterprises when entering the ASEAN market. The country stands as Canada's largest trade partner within ASEAN, with Canadian businesses considering it part of their strategy for production and supply chain transition, and a destination for Canadian goods and investment funds./.

VNA