Canada looks to expand trading partners post COVID-19
The Government of Canada is committed to building back from COVID-19 and deepening trade and investment ties with fast-growing markets around the world will generate growth, create jobs, and ensure a strong, resilient economic recovery.
Today, the Honourable Mary Ng, Minister of Small Business, Export Promotion and International Trade, and Muhammad Lutfi, Indonesia’s Minister of Trade, announced that Canada and Indonesia will begin negotiations on a Comprehensive Economic Partnership Agreement (CEPA).
“The commercial relationship between Canada and Indonesia has a significant potential for growth. A comprehensive agreement can provide Canadians with enhanced access to Southeast Asian supply chains, unlock opportunities for world-class Canadian goods and services in this rapidly growing market, and drive long-term job creation and sustainable, inclusive growth for generations to come.” – Mary Ng, Minister of Small Business, Export Promotion and International Trade
At the virtual meeting, the ministers agreed to a joint statement highlighting the potential for a CEPA to support meaningful and sustainable economic growth, help facilitate increased trade and investment, and reinforce both countries’ shared commitment to open markets and rules-based trade.
Canada is committed to ensuring that the benefits of trade are widely shared by pursuing trade agreements that reflect the interest of all Canadians, including underrepresented groups such as women, Indigenous peoples, and small and medium-sized enterprises.
In public consultations held by the Government of Canada earlier this year, Canadians expressed a high level of support for a possible Canada-Indonesia CEPA. Details can be found in a summary report published on the Global Affairs Canada website on May 31.
Consistent with the amended Policy on Tabling Treaties in Parliament, on June 21, 2021, Minister Ng will table in the House of Commons a Notice of Intent to enter into CEPA negotiations with Indonesia. At a future date, and at least 30 days in advance of a first round of negotiations, the Government will also table Canada’s negotiating objectives.
- With a population of 270 million and GDP of $1.4 trillion, Indonesia is Southeast Asia’s most populous country and largest economy.
- Indonesia is the second-largest destination for Canadian direct investment in the region, with Canadian direct investment valued at $3.5 billion at the end of 2020.