ASEAN-Canada Free Trade Agreement Targeted For Completion In 2025

ASEAN-Canada Free Trade Agreement Targeted For Completion In 2025

Friday, 06 Dec 2024

The Ministry of Trade aims to finalize the ASEAN-Canada Free Trade Agreement (ACaFTA), which is a free trade agreement between ASEAN countries and Canada, by next year. This announcement was made by Deputy Minister of Trade Dyah Roro Esti 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, 2024.

"As the coordinating country, Indonesia is highly committed to ensuring that the ACaFTA negotiations can be substantially completed by next year," Roro stated on Thursday, December 5, 2024.

Roro emphasized that this agreement would have significant implications, as Canada will become the first free trade partner of ASEAN in North America, thereby creating new market opportunities.

"It will be mutually beneficial for all parties involved," the Deputy Minister added. Roro explained that negotiators are currently facing various challenges and have not yet met the expected targets. However, she remains confident that both sides are optimistic about concluding negotiations that govern market access and cross-sectoral disciplines.

The two provisions are also included in the recently negotiated Indonesia-Canada Comprehensive Economic Partnership Agreement (CEPA).

"The issues of inclusivity and sustainability present in ACaFTA and the Indonesia-Canada CEPA reflect emerging global trends. Therefore, full support and collaboration with all stakeholders, including the business community, are essential," stated Roro.

"This matter also promotes a more competitive region by encouraging all ASEAN countries to align their national commitments with international sustainability standards, thereby creating broader opportunities between the two regions," Roro added. It is noteworthy that discussions on ACaFTA took place following the 13th ASEAN Economic Minister and Canada Consultations held in Vientiane, Laos, on September 20, 2024.

Indonesia served as the coordinating country for cooperation and the Chair of the ACFTA negotiations during the 13th AEM and Canada Consultations. The meeting of ASEAN Economic Ministers with Canada is part of the 59th AEM series of meetings. (ferry@insightinnews.com)

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