KUALA LUMPUR, Oct 25 (NNN-Bernama) — Canada is exploring ways to take its relationship with the Association of Southeast Asian Nations (ASEAN) to the next level including to a possible free trade agreement, while Australia wants to boost trade with the grouping including in green economy.
Canadian Prime Minister Justin Trudeau in his keynote address at the ASEAN Business and Investment Summit 2021 held virtually on Monday, said a free trade agreement would promote growth in the technology, digital commerce, advanced manufacturing, agriculture and agri-food, and professional services sectors.
“It would be a game-changer for many of our hardworking companies and entrepreneurs, helping them make connections and build business relationships around the world.
“It would create jobs for the middle class. It would help reduce barriers to trade and provide investors with greater clarity and confidence to expand their presence in other countries’ markets.
“And it would help protect our supply chains from the uncertainties of the global pandemic,” he said.
Trudeau said Canada and ASEAN have been working hard to implement a four-year action plan in support of a joint declaration on ASEAN-Canada Enhanced Partnership, while making sure businesses of all sizes can reap the rewards of a strong Trans-Pacific Partnership, including through the 10-year ASEAN’s Strategic Action Plan for SME Development.
Meanwhile, Australian Prime Minister Scott Morrison in his keynote address said the Regional Comprehensive Economic Partnership (RCEP) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) were important to bring together the shared economic weight of ASEAN and the region’s other major economies.
He said through the A$46 million Australia’s Regional Trade for Development and Digital Standards Initiatives, the country is working with ASEAN to support implementation of RCEP, including by bringing a larger focus to e-commerce and digital trade across the region.
He added Australia is also working bilaterally to forge new agreements and deepen existing arrangements with regional partners such as Vietnam, Indonesia and Singapore, to boost two way trade and open up new frontiers in the green economy.
“This is a vibrant and dynamic region, and we want to ensure the opportunities and benefits of trade continue to flow unimpeded, and that supply chains remain open and connected,” he said.
On reducing emissions, Morrison said Australia is making major investments to drive its energy transition, including around A$20 billion to commercialise promising new technologies like clean hydrogen, green steel, long-duration energy storage and carbon capture.
“We expect this will leverage some A$80 billion in total investment by 2030,” he said adding that it will also help neighbouring countries including ASEAN nations to transition to secure and affordable low-emissions technologies that can drive development and jobs within the region.
As part of this work, he said Australia also agreed to pool the collective resources and expertise of Quad partners – the United States, Japan and India – to work with other Indo-Pacific partners to build the reliable and resilient supply chains needed to support the region’s energy transition.
This year’s ASEAN Business and Investment Summit themed ‘Building Our Sustainable Digital Future’ is hosted by ASEAN’s Chair Brunei.
