Canadian Minister On Trade Mission To SE Asia

by Mike Godfrey, Tax-News.com, Washington

31 August 2012

Canada's Minister of International Trade has embarked on a trade mission to Southeast Asia in an effort to further deepen trade and investment ties with the region.

Ed Fast embarked on a week-long visit to Vietnam, Thailand, Cambodia and Burma on August 27. Of the trip, he said: “With one in five Canadian jobs generated by trade, helping Canadian companies expand and succeed in exciting, high-growth markets is a key part of Canada’s Economic Action Plan.

"At the same time, as responsible corporate citizens, Canadian companies can help anchor development and reforms in developing countries that want and need Canada’s world-class products, services, experience and expertise.”

During his trip, he will co-chair the first Canada-Association of Southeast Asian Nations (ASEAN) Economic Ministers Meeting. As a group, ASEAN ranks as Canada’s seventh-largest trading partner. Last year, merchandise trade was worth CAD15.5bn (USD15.7bn), up 17% in just four years. Canadian direct investment in the ASEAN region has also been on the rise, reaching CAD6.7bn in 2011.

“In what remains a fragile global economic climate, our government will continue to ensure that Canadian businesses have access to priority markets. That is why we continue to pursue deeper ties with the world’s largest, most dynamic and fastest-growing economies, as part of the most ambitious trade expansion plan in Canadian history,” Fast stressed.

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