Alberta Mirror

Thursday, December 9, 2021

Canada, Asian Bloc to initiate free trade negotiations

Key takeaways: 

  • It will be in attempting to expand from China. 
  • The federal government is looking to grow powerful deals with Southeast Asian countries over the Pacific Ocean. 

Free trade negotiations to expand from China: 

Canada is starting free-trade negotiations with an important group of southeast Asian nations as it looks to expand away from China and discover the latest methods of managing with a growled worldwide supply chain.

International Trade Minister Mary Ng declared the inauguration of solemn trade negotiations late Tuesday with the Association of South-East Asian Nations — known as ASEAN — after meeting with officials of that 10-country bloc.

Ng narrated the opening of the negotiations as a notable milestone in deepening Canada’s economic connections with the Indo-Pacific provision and driving economic growth as the world manages with supply-chain bottlenecks that have afflicted worldwide trade during the coronavirus outbreak. 

Three weeks ago, Prime Minister Justin Trudeau told a business meeting that pursuing a trade agreement with ASEAN nations would be a “win-win” that would be key to driving Canada’s development as it appears from the outbreak.

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“Our government is pledged to opening up and expanding more markets for Canadian exporters and businesses to heighten,” Ng stated in an interview. Source – cbc.ca

Ng met virtually Tuesday with ASEAN ministers and officials of the Canada-ASEAN Business Council. The ministers accepted a joint statement spotlighting the potential for a free-trade deal to aid expanding supply chains, surge trade and investment, and reinforce Canada and ASEAN’s shared dedication to open markets and rules-based trade. 

Canada so far has chosen retrieves to four of ASEAN’s 10 countries — Brunei, Malaysia, Singapore and Vietnam — through the 11-nation Pacific Rim trade community well known as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

“We so far have the CPTPP in the Asia-Pacific region. And this includes another 600 million new customers,” stated Ng.  Source – cbc.ca

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