The Thirteenth ASEAN Economic Ministers-Canada Consultation

Joint media statement

20 September 2024 - Vientiane, Lao PDR

1. The Thirteenth ASEAN Economic Ministers (AEM)-Canada Consultation was held on 20 September 2024 in Vientiane, Lao PDR. The Consultation was co-chaired by H.E. Malaithong KOMMASITH, Minister of Industry and Commerce of Lao PDR, and the Honourable Mary Ng, Minister of Export Promotion, International Trade and Economic Development, Canada. The Meeting also welcomed the participation of H.E. Filipus Nino Pereira, Minister of Commerce and Industry, Democratic Republic of Timor-Leste as an observer.
2. The Meeting noted that based on Canada’s statistics, two-way merchandise trade between ASEAN and Canada reached USD 28.7 billion in 2023 while foreign direct investment (FDI) inflow from Canada to ASEAN reached a total of USD 25.9 billion in 2023.
3. The Meeting exchanged views on regional and global economic challenges that  impact supply chain resiliency and food and energy security, such as climate change, industrial policies, inflationary pressures and heightened geopolitical tensions. The Meeting reaffirmed the importance of adhering to international law as well as key principles, shared values and norms, enshrined in the UN Charter and the ASEAN Charter. The Meeting reaffirmed their commitment to further enhance economic integration and cooperation, particularly in the areas of digital transformation, sustainability, and food security to navigate these challenges and strengthen supply chain resiliency.
4. The Meeting welcomed the encouraging progress in the implementation of the 2021-2025 Work Plan to implement the ASEAN-Canada Joint Declaration on Trade and Investment (JDTI Work Plan). The Meeting encouraged continued implementation of the 2021-2025 JDTI Work Plan.
5. The Meeting noted the progress of the ASEAN-Canada Free Trade Agreement (ACAFTA) negotiations. In this regard, the Meeting welcomed the update on the completed milestones as set forth in the ACAFTA Negotiations Consolidated Work Plan. Noting the target for substantial conclusion of the negotiations in 2025, the Meeting urged officials to intensify the work, hold more in-person negotiating rounds, and find a common ground on the outstanding issues to expedite the negotiations.
6. The Meeting welcomed the financial support to least developed members of ASEAN for their participation in ACAFTA negotiation rounds hosted by Canada. The Meeting encouraged officials to leverage the ASEAN-Canada Plan of Action (ACPOA) Trust Fund to support the substantial conclusion of the ACAFTA negotiations in 2025.
7. The Meeting also welcomed the technical assistance provided to ASEAN Member States under the Expert Deployment Mechanism (EDM) for Trade and Development which covers the following areas of cooperation; MSMEs, Digital Economy, Inclusive Trade, Women in Trade, Environment and Labor Provision in Trade Agreements, among others. The Meeting noted the contribution of the technical assistance in providing better understanding to ASEAN Member States on the new and emerging trade issues that Canada proposes to include in the on-going negotiations for a comprehensive ACAFTA.
8. The Meeting welcomed the appointment of Canada’s first Indo-Pacific Trade Representative based in Jakarta, Indonesia. Acknowledging the alignment between the ASEAN Outlook on the Indo-Pacific and Canada’s Indo-Pacific Strategy, the Meeting looked forward to potential collaboration in the implementation of the two documents whilst emphasising ASEAN Centrality as a shared core principle. The Meeting also welcomed the update on the implementation of Canada’s Indo Pacific Strategy and relevant initiatives in the ASEAN region, which include plans for Team Canada Trade Missions to four ASEAN Member States in 2024, with additional ones planned for 2025.
9. The Meeting built upon Canada’s Indo-Pacific Strategy, with ongoing discussions on how to best lay the groundwork for Canadian businesses, innovators, and investors to collaborate with ASEAN member states on areas of mutual interest and potential growth. The Meeting discussed how collaboration with key stakeholders, including Canadian Chambers of Commerce, is helping to facilitate trade and investment in the ASEAN region.
10. The Meeting acknowledged the successful conclusion of the Thirteenth World Trade Organization (WTO) Ministerial Conference (MC13) held on 26 February – 2 March 2024 in Abu Dhabi, United Arab Emirates. The Meeting noted the outcomes of the MC13 including WTO Members’ resolve to preserve and strengthen the ability of the multilateral trading system, with the WTO at its core, to provide meaningful impetus to respond to current trade challenges, take advantage of available opportunities, and ensure the WTO’s proper functioning. The Meeting welcomed the Accession of the Democratic Republic of Timor-Leste to the WTO Agreement and acknowledged it as an important stepping stone for Timor-Leste’s accession to ASEAN. The Meeting was also pleased to note specific outcomes of the WTO MC13 that reiterated the centrality of the development dimension in the work of the WTO.
11. The Meeting welcomed the briefing by the Canada-ASEAN Business Council (CABC) and recognized the increasing interest from Canadian business communities in exploring mutual investment and commercial opportunities in a wide variety of industries in ASEAN. The Meeting noted CABC’s recommendation on topics that are pre-eminent to the Canada-ASEAN business community, including digital economy development, financial services & investment, and sustainability, and conveyed its appreciation for CABC’s active support for the ACAFTA negotiations. The Meeting congratulated the CABC on 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.
12. The Meeting noted the progress in the implementation of the Roadmap for Timor-Leste’s Full Membership in ASEAN adopted at the 42^nd ASEAN Summit. Encouraged by Timor-Leste’s commitment, the Meeting reaffirmed its support to continue providing capacity building and technical assistance to facilitate Timor-Leste’s integration into the mainstream of ASEAN-Canada economic relations. The Meeting also encouraged the Timor-Leste government to intensify efforts towards its accession to ASEAN.
13. The Meeting looked forward to the convening of the Special ASEAN-Canada Summit on the sidelines of the 44^th and 45^th ASEAN Summits and Related Summits in Vientiane, Lao PDR, in October 2024.