ASEAN and Canada Agree to Proceed with FTA Negotiations

On 17 November 2021, the 10^th ASEAN Economic Ministers (AEM) – Canada Consultation via videoconferencing agreed to launch the negotiations for an ASEAN-Canada Free Trade Agreement (FTA) which will be one of the significant milestones in ASEAN-Canada relations as both sides celebrate the 45^th Anniversary of ASEAN-Canada Relations in 2022. The Meeting tasked officials to develop a work plan to take forward the negotiations as soon as possible. The FTA negotiations will help promote economic recovery and keep markets open for trade and investment.
This development was met with positive response from the Canada-ASEAN Business Council or CABC.

Despite the COVID-19 pandemic and its impact on the global economy, bilateral trade relations between ASEAN Member States and Canada remain strong. In 2020, total to-way merchandise trade was valued at USD 19.9 billion and the stock of foreign direct investment (FDI) from Canada to ASEAN Member States reached USD 12.5 billion, or an increase of 11.7 percent year-on-year.

FTA negotiation is a key policy of Thailand that seeks to open new markets for Thai goods and services. The negotiation of an ASEAN-Canada FTA will help expand the opportunities for trade and investment as well as connect the production supply chains to North America, a region where Thailand has not had an FTA with. This will also enable Thai entrepreneurs to export more agricultural products and industrial goods.

For full details, please visit https://www.dtn.go.th/th

(Photo Courtesy of the Ministry of Commerce)