Canada begins negotiations for Canada-ASEAN Free Trade Agreement

On November 16th, 2021, Canada and the Association of Southeast Asian Nations (ASEAN) agreed to proceed with free trade agreement (FTA) negotiations. For Canadian companies, this FTA offers the opportunity for greater business opportunities.

ASEAN is a regional intergovernmental organization comprising 10 member states. As a group, ASEAN member state economies represent Canada’s sixth-largest trading partner in 2020. During the same year, merchandise trade between Canada and ASEAN reached $26.7 billion, and there is potential remaining to significantly enhance the relationship. According to the 2018 Joint Feasibility Study for a Canada-ASEAN FTA, the economic modelling projects that an FTA could increase Canada’s GDP by $3.41 billion and boost exports to ASEAN countries to $3.58 billion.

To enhance our commercial relations and strengthen our presence in this fast-growing market, Canada is committed to negotiating a comprehensive FTA with ASEAN. This agreement would help create new market opportunities for Canadian goods and services, while supporting a more transparent and predictable environment for trade and investment.

Canada and ASEAN are currently discussing next steps, including a first round of negotiations.

Consulting Canadians

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