ASEAN to strengthen trade relations with Canada

BANGKOK, May 20 (TNA) - Thailand and nine other member states of ASEAN have agreed to strengthen trade and investment with Canada. Director-General of Thailand’s Trade Negotiations Department Srirat Rastapana, said on Sunday the agreement was reached during the ASEAN Senior Economic Officials Meeting in Manila last week. She said the agreement was a follow-up to the ASEAN-Canada joint declaration on trade and investment reached last year. Major activities to be undertaken from the new agreement would include information exchanges on free trade and investment and regional economic data. Cooperation would also be conducted in several fields, including on agri-food, energy, education, connectivity, and small-and medium-sized business. Both sides also agreed to hold their first ASEAN Economic Ministers-Canada Consultative Meeting later this August and to also officially launch the Canada-ASEAN Business Council. Combined trade value between ASEAN and Canada in 2010 amounted 9.9 billion U.S. dollars, which is equivalent to half a per cent of ASEAN’s total trade with the rest of the world. Canada is presently the eighth largest foreign direct investor in ASEAN. (TNA)