ASEAN Economic Ministers – Canada Consultations

The Launching of the ASEAN-Canada Free Trade Agreement, FTA's Negotiations was the highlight of the 10th ASEAN Economic Ministers – Canada Consultations, held via video conferencing yesterday MORNING. The launching of the negotiations is one of Brunei Darussalam's Priority Economic Deliverables, PED for this year. It is expected that the FTA, once finalised, will have a positive impact and boost bilateral trade and investment between ASEAN and Canada. Being the first FTA with North America, it is reported that it will contribute to ASEAN's Gross Domestic Product, GDP by USD$39.4 billion or 1.6 per cent and Canada's GDP by USD$5.1 billion or 0.3 per cent. The FTA will also give ASEAN access to a market of 38 million people with a GDP of USD$1.64 trillion.

The meeting was co-chaired by Yang Berhormat Dato Seri Setia Dr Awang Haji Mohd Amin Liew bin Abdullah, Minister at the Prime Minister's Office and Second Minister of Finance and Economy and Her Excellency Mary Ng, Minister of International Trade, Export Promotion, Small Businesses and Economic Development of Canada. Attending the Meeting virtually were Economic Ministers from the ASEAN Member States and His Excellency Dato Paduka Lim Jock Hoi, the ASEAN Secretary General. Brunei Darussalam was represented by Dato Seri Paduka Doctor Haji Abdul Manaf bin Haji Metussin, Deputy Minister of Finance and Economy for Economy. The meeting was also briefed on the progress of the 2021 to 2025 Work Plan to implement the ASEAN-Canada Joint Declaration on Trade and Investment, JDTI, as well as status of capacity building projects under the Expert Deployment Mechanism for Trade and Development, EDM, and Trade Policy Dialogue. The one-day meeting was an annual consultation between ASEAN Member States and Canada, as one of ASEAN's dialogue partner.

Source: Radio Television Brunei