ASEAN speeds up FTA negotiations with Canada

The Association of Southeast Asian Nations (ASEAN) has continued to strengthen economic cooperation through the ASEAN-Canada Free Trade Agreement (ACAFTA) negotiations to respond to the impacts of the ongoing global economic slowdown.

According to Nella Sri Hendriyetty, head of the Centre for Bilateral Regional Policy of the Indonesian Finance Ministry’s Fiscal Policy Agency (BKF), the negotiations are important for Indonesia to expand market access for both goods and services.

In her opening remarks at the Plenary and Caucus Meeting of the ACAFTA Sub Working Group on Financial Services held in Banten province from May 22–24, Nella affirmed that the effort could also increase competitiveness and help Indonesia enter global and regional value chains.

With the presence of representatives from ASEAN member countries, the ASEAN Secretariat, and Canada, the meeting was a key part of the ACAFTA negotiation process that aims to encourage economic growth, increase investment, and improve market access for Southeast Asian countries and Canada.

At the meeting, officials from institutions in charge of financial services of the ASEAN countries and Canada discussed various financial service provisions, which are expected to increase fair trade and investment for all parties in the sector./.

VNA