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ASEAN And Canada Fully Support Inclusivity And Sustainable Economy
Friday, 06 Dec 2024
The Deputy Minister of Trade of Indonesia, Dyah Roro Esti, stated that the ASEAN-Canada Free Trade Agreement (ACaFTA) is a crucial agreement that supports inclusivity and sustainable economic principles for both regions. She made this statement during a discussion titled ‘Towards an Inclusive and Sustainable ASEAN-Canada Free Trade Agreement’ organized by the Economic Research Institute for ASEAN and East Asia (ERIA) in Jakarta on Tuesday, December 3.
“As the coordinating country, Indonesia is highly committed to ensuring that the ACaFTA negotiations can be substantially completed by next year. This agreement will have a significant impact, as Canada will be the first free trade partner of ASEAN in North America, creating new market opportunities that benefit all parties,” said Deputy Minister Roro.
She explained that although negotiators are currently facing various challenges and have not yet met their targets, both sides remain optimistic that discussions on market access and cross-sector disciplines, including inclusivity and sustainable economy issues, can be resolved. These provisions are also included in the recently negotiated Indonesia-Canada Comprehensive Economic Partnership Agreement (CEPA).
“The issues of inclusivity and sustainability in ACaFTA and the Indonesia-Canada CEPA reflect new trends in the global landscape. Therefore, full support and collaboration with all stakeholders, including the business community, are essential. These issues also promote a more competitive region by encouraging all ASEAN countries to align their national commitments with international sustainability standards and to open broader opportunities between the two regions,” emphasized Deputy Minister Roro.
ASEAN and Canada represent a large market with a population of 718 million and a total trade value of USD 24.4 billion in 2023. The main imports of ASEAN from Canada include wheat and meslin; turbo jets, turbo propellers, and other gas turbines; mineral or chemical potassium fertilizers; soybeans; and electronic integrated circuits. On the other hand, ASEAN's exports to Canada are mainly composed of phones; automatic data processing machines and units; insulated wire, cables, and other insulated electrical conductors; semiconductor devices; and footwear.
"We hope to see an increase in trade and investment figures, especially with the implementation of the Indonesia-Canada CEPA and ACaFTA. We also look forward to more environmentally friendly investments focused on sustainable economies, particularly in the trade sector," said Deputy Minister Roro.
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