A high-level delegation from the Ministry of Commerce (MoC) met officials from member states of the Association of Southeast Asian Nations (ASEAN) and Canada in Bandung, Indonesia, to form a new free trade agreement, said a release.
Led by the MoC’s Secretary of State Rath Saravuth, the delegation attended a special meeting of the ASEAN-Canada Free Trade Agreement Trade Negotiation Committee (ACFTA TNC) chaired by Dina Kurniasari, Director of Directorate of ASEAN Negotiation of the Directorate General of Foreign Trade of Indonesia’s Ministry of Trade.
The Indonesia-hosted special meeting of ACFTA TNC was also attended by ASEAN’s member states, Canada and officials of the ASEAN Secretariat at The Trans Luxury Hotel.
Saravuth pointed out that the non-paper documents—informal documents such as a discussion paper—would be submitted to Canadian counterparts. The documents broadly cover three sectors that are closely related to trade that include environment, labour and inclusive trade, said the release, adding that Cambodia also requested to form working groups.
Cambodia’s suggestion received “strong support”, the release pointed out, adding that each working group of experts would examine and discuss seriously each of the three sectors that will be then submitted to the ACFTA TNC for approval. Participants welcome technical and financial assistance from Canada.
Canada’s assistance would be used in capacity building and implementation of projects of ASEAN member states, particularly Cambodia, Laos and Myanmar.
ASEAN and Canada vowed to hold a top-level discussion among economic ministers to reach a joint resolution to start negotiations on the FTA texts.
“This is yet another new achievement of the block in the development of new markets and trade partners,” the release said.
In a major development, Cambodia along with the ASEAN, Australia and New Zealand have agreed on the finer points of the free trade areas agreement that will open new vistas in creating new opportunities for approximately 663 million people from the signatory countries.
The agreement was reached during the 20th ASEAN-Australia-New Zealand Free Trade Areas Joint Committee (AANZFTA FJC) meeting held on February 14-17 at Pullman Bandung Grand Central Hotel in Indonesia. Cambodia, in particular, will benefit from the transfer of technology, knowledge, skills and know-how from direct investments.
“In the last meeting, all relevant parties declared the completion of the negotiations on all remaining issues and reached a resolution to take the draft agreement to legislation and institutional teams for revision and after that, the document will be returned to each party for further their respective procedures before submitting it for signatures,” said a release.
Cambodia and UAE on Wednesday last week completed their final round of negotiations last week in Dubai and are expected to sign the Comprehensive Economic Partnership Agreement.
Source: Khmer Times
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<p>Time: 2024 By: Ministry of Industry and Trade</p>
