Canada Sets New Focus On South East Asia Trade: Canada-ASEAN Business Forum in Bangkok Begins On March 18

Canada has put Association of Southeast Asian Nations high on its radar in trade matters, with a renewed focus to augment relations. Canada’s International Trade Minister Ed Fast will be visting the region on March 18 with a trade mission to explore more opportunities. Fast will also attend the second edition of Canada-ASEAN Business Forum in Bangkok, starting on March 18. He will also visit the Philippines.

The ASEAN-Canada Enhanced Partnership was established in July 2009, seeking to enhance economic relations, promote investment, coordinate with existing multilaterals and develop mechanisms for exchange of information related to trade and investment.

Business Forum in Bangkok

The Canada-ASEAN business forum will be held on March 18-19, 2015 at Anantara Siam Hotel in Bangkok. The Forum will host more than 200 business leaders and senior government officials from Canada and Southeast Asia, They will discuss issues of trade and commerce along with matters pertaining to the integration of the ASEAN Economic Communities.

This will be Fasts’ 13th visit to the region in less than four years. The minister said in an interview, just before departing to Bangkok that “It's a huge opportunity, and it is one that has just started. What I noticed a few years ago when I talked with officials, was that they believe Canada was largely absent in ASEAN. That's no longer the case. The message we are delivering - and they will have noticed this - is that Canada is back in the region.”

High Growth Markets

Southeast Asia is a fast growing region comprising many high-growth markets. The region has a population of more than 600 million. Canada's trade with the ASEAN group has been CAD 18.8 billion in 2013. The minister noted the importance of having more trade missions where Canadian businesses can state their case face to-face with Southeast Asian partners in exploring the region's market potential. There are challenges too. Though ASEAN is a free-trade zone, each country has its own set of rules and procedures. This is besides the variations in social, political, cultural and economic backgrounds.

ASEAN Economic Community

However, in the coming months, many complications on business matters are set to ease. ASEAN is bracing to become a single, integrated market by forming an ASEAN Economic Community like the European Union, minus the central bank and single currency. When such an ASEAN Economic Community is firmly in place by the end of 2015, it would allow more investments, goods, services and flow of skilled labour among member countries without any constraints.

The Canadian minister noted that Canada has been helping many ASEAN states to set up three P3 or public-private partnership centres to increase development and bring about more improvement in local living standards. This was aimed at benefiting the Canadian economy with enhanced business opportunities, reported Vancouver Sun.

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