The First AEM-CANADA CONSULTATIONS
31 August 2012, Siem Reap, Cambodia
1. The First AEM-Canada Consultations were held on 31 August 2012 in Siem Reap, Cambodia. The Meeting was co-chaired by H.E. Cham Prasidh, Senior Minister and Minister of Commerce, Cambodia, and H.E. Ed Fast, Minister of International Trade and Minister of the Asia-Pacific Gateway of Canada. The inaugural Consultations took place during the 35th anniversary year of the ASEAN-Canada Dialogue Partnership.
2. The Ministers welcomed the first ministerial-level AEM-Canada Consultations and expressed hope that they would provide the catalyst for expanding ASEAN-Canada commercial relations. The Ministers underscored that, despite the uncertainty in the global economy and the European financial crisis, total trade between ASEAN and Canada continues to be on the upswing with bilateral merchandise trade growing by approximately 10 percent between 2010 and 2011.
3. The Ministers noted that investment flows between ASEAN and Canada represents an important component of the bilateral commercial relationship. Drawing on ASEAN statistics, investment flows from Canada to ASEAN reached US$0.9 billion in 2011, ranking Canada as the seventh-largest source of foreign direct investment in ASEAN. Canadian investment data revealed that, in 2011, known Canadian direct investment in the ASEAN region reached nearly C$6.7 billion, exceeding that in both mainland China and India combined.
4. The Ministers adopted the 2012-2015 ASEAN-Canada Trade and Investment Workplan to implement the ASEAN-Canada Joint Declaration on Trade and Investment adopted in October 2011. The Ministers tasked Senior Economic Officials to develop and implement the activities under the Workplan with the aim of enhancing economic cooperation, as well as to promote trade and investment between ASEAN and Canada. The Workplan will set the stage for deepened economic ties through a forward looking agenda.
5. The Ministers welcomed the establishment of the Canada-ASEAN Business Council (CABC), which will serve as the channel for business-to-business dialogue to raise awareness of trade and investment opportunities in ASEAN and Canada. The Ministers expressed confidence that the CABC could also eventually serve as the channel for future government-to-business engagement aimed at seeking private-sector inputs on further enhancing ASEAN-Canada economic relations.
LIST OF MINISTERS