10th AEM-Canada Consultations held; launching of negotiations announced for ASEAN-Canada Free Trade Agreement

Union Minister for Investment and Foreign Economic Relations U Aung Naing Oo joined the 10th AEM-Canada Consultations which were held via videoconference on 17 November 2021 from the Ministry of Investment and Foreign Economic Relations in Nay Pyi Taw.
The meeting was co-chaired by Dato Dr Amin Liew Abdullah, Minister at the Prime Minister’s Office and Minister of Finance and Economy II, Brunei Darussalam, and Ms Mary Ng, Minister of International Trade, Export Promotion, Small Business and Economic Development, Canada. The meeting was attended by the Economic Ministers and Senior Economic Officials from the ASEAN Member States and Canada, the Secretary-General of ASEAN Secretariat and representatives.
At the meeting, the ministers exchanged views on the economic impacts of the Covid-19 pandemic and the possible cooperation to mitigate these impacts, the progress of work plan to implement the ASEAN-Canada Joint Declaration on Trade and Investment, the capacity building programme which will be provided by Canada and recommendations raised by the Canada-ASEAN Business Council.
During the meeting, Myanmar supported the endorsement of the Reference Paper for a future ASEAN-Canada Free Trade Agreement (FTA) and the announcement of the launching of the ASEAN-Canada FTA’s negotiations.
In 2020, total two-way merchandise trade between ASEAN and Canada was valued at USD 19.9 billion and the stock of Foreign Direct Investment (FDI) from Canada to the ASEAN Member States reached USD 12.5 billion, an increase of 11.7 per cent year-on-year. The trade and investment ties between ASEAN and Canada will be promoted through the establishment of the ASEAN-Canada Free Trade Agreement. Myanmar, as a member of ASEAN, could enjoy the ASEAN-Canada Free Trade Agreement by receiving Canada investment and promoting bilateral trade.
At the meeting, the Union Minister discussed the importance of reopening borders and resuming international travel safely and quickly for economic recovery from the pandemic, preparation for reopening the Myanmar tourism sector in early 2022 and the launch of negotiations for the ASEAN-Canada Free Trade Agreement.
The Joint Media Statement of the 10th AEM-Canada Consultations was adopted at the end of the meeting.
The Deputy Minister and senior officials from the Ministry of Investment and Foreign Economic Relations also attended the meeting. – MNA