The Joint Declaration was endorsed by the ASEAN Economic Ministers at their 43rd meeting in August 2011 in Manado, North Sulawesi, the Jakarta-based ASEAN Secretariat said in a press statement here on Tuesday.
The Joint Declaration, which is also a key outcome stated in the ASEAN-Canada Plan of Action, aims to enhance trade, industrial cooperation and investment; promote and facilitate increased involvement of the business sector, in particular small and medium-scale enterprises; promote greater coordination in the WTO and the Asia-Pacific Economic Cooperation (APEC) forum; and develop a mechanism for regular exchanges of information on trade and investment opportunities and other promotional activities related to trade and investment.
"We will task our Senior Officials to follow-up on the Joint Declaration and develop a Work Plan. Emphasis will be given to activities related to the development of SMEs and effective partnership with the private sector," said Minister Dr Mari Elka Pangestu.
Canada is ASEAN`s 13th largest trading partner and 9th largest source of FDI. Trade between ASEAN and Canada grew at a significant pace, recording annual average growth of 21% between 2005 and 2008. Due to the global financial crisis and economic downturn, trade flows dipped to 15.8% in 2009 but showed signs of recovery in 2010 with total trade amounting to US$9.8 billion, an increase of 8.6% over the previous year. Foreign direct investment (FDI) flow from Canada to ASEAN increased more than two folds in 2010 amounting to USD 1.6 billion. In 2009, the total tourist arrivals to ASEAN from Canada were 1.41 million.
ASEAN is becoming an important market and investment destination for Canada. ASEAN as a group is Canada`s seventh most important trading partner.
In 2010, Canada`s investment in the ASEAN region was more than Canada`s investment in China and India combined.
"We see enormous opportunity in ASEAN. It`s a region with a growing middle class and abundant natural resources. It is also an increasingly integrated region that is attracting trade and investment from around the world," said Minister Ed Fast.
Canada is one of ASEAN`s oldest Dialogue Partners. ASEAN and Canada will celebrate the 35th Anniversary of their relations in 2012. (*)
(T.F001/B/F001/F001) 04-10-2011 14:37:49
Editor: Aditia Maruli Radja
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