The Canada-ASEAN Business Council (CABC) participated in the 56th ASEAN Economic Ministers (AEM) Meeting and Related Meetings in Vientiane, Lao PDR, from September 16-22 2024.
Photo Credit: The ASEAN Secretariat
Prior to attending the AEM, CABC Executive Director Nicky Lung and Advocacy Manager Rahma Anggraini participated in the 24th Joint Business Council (JBC) meeting held by ASEAN Business Advisory Council (ASEAN BAC) in Hanoi, Vietnam on September 13th, 2024. In the meeting, CABC briefed the ASEAN-BAC on the Canadian business sentiment to ASEAN based on the result of the 2024 CABC Business Outlook Survey and proposed joint advocacy in the areas of trade and investment, digital transformation, sustainability, and supply chain.
At the 13th AEM - Canada Consultation, CABC President Wayne Farmer updated the Ministers on the CABC’s key milestones and achievements in advancing Canada-ASEAN economic relations to continue its mission as the leading voice of Canadian business in the region. The CABC further presented the positive business sentiment shared by Canadian businesses on the opportunities and economic prospects offered by the ASEAN region revealed in the 2024 CABC Business Outlook Survey.
Photo Credit: The ASEAN Secretariat
The CABC proposed several recommendations to strengthen bilateral trade and investment between ASEAN and Canada and underscored the importance of timely conclusion of the ASEAN-Canada Free Trade Agreement (ACAFTA) and Indonesia-Canada Comprehensive Economic Partnership Agreement (ICA-CEPA) to unlock the wealth of opportunities for businesses from Canada and ASEAN.
"The need for trade liberalization through a Free Trade Agreement has never been clearer. Our survey results reveal that a vast majority of 93.9% of respondents support the timely conclusion of the ASEAN-Canada Free Trade Agreement (ACAFTA), and over 90% are endorsing the time conclusion of the Indonesia-Canada Comprehensive Economic Partnership Agreement (ICA-CEPA).”
– Wayne Farmer, President of the Canada-ASEAN Busines Council, at the 13th AEM-Canada Consultation
The Ministers noted CABC’s recommendations and appreciated CABC for its active support to the ACAFTA negotiation. The Ministers further congratulated CABC for its accreditation as an Entity Associated with ASEAN and encouraged CABC to continue its proactive engagements and collaborate with ASEAN to strengthen business and economic relations between ASEAN and Canada.
The 13th AEM-Canada Consultation was attended by The Honourable Mary Ng, Minister of Export Promotion, International Trade and Economic Development of Canada, and Economic Ministers from ten ASEAN Member States. CABC Delegation was led by Wayne Farmer, the President of CABC, and joined by Mr. Gaurav Sharma, CEO of Manulife Myanmar, and Ms. Yan Hai, Manulife’s Vice President, Head of Regulatory and Public Affairs Asia.
On the sidelines of the 13th AEM - Canada Consultation, CABC had courtesy meetings with the following:
Mary-Catherine Speirs, the Chief Negotiator for ACAFTA,
H.E. Vicky Singmin, Ambassador of Canada to ASEAN,
H.E. Minister Mary Ng, Minister of Export Promotion, International Trade and Economic Development of Canada
H.E. Satvinder Singh, Deputy Secretary-General of ASEAN for the ASEAN Economic Community
Michael Mainelli, Lord Mayor of the City of London
The CABC thanks our members, Global Affairs Canada, the ASEAN Secretariat, the ASEAN Member States (AMS), and the Government of the Lao People's Democratic Republic as the 2024 ASEAN Chair for their support and partnership of our mission in driving deeper Canada-ASEAN relations. The Council looks forward to working with Malaysia as the 2025 ASEAN Chair.
Read the AEM Joint Media Statement [here]
Read the Global Affairs Canada Press Release [here]
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