Indonesia Leads ASEAN Free Trade Lobby With Canada

Illustration (Photo: Doc. Ministry of Finance)

JAKARTA - The Indonesian government took the initiative to lead free trade talks between ASEAN and Canada.

Head of the Bilateral Regional Policy Center, Fiscal Policy Agency, Ministry of Finance (Kemenkeu) Nella Sri Hendriyetty revealed that this is Indonesia's strategic role in the Chairship of ASEAN 2023.

"The meeting held is an important step for Indonesia as an ASEAN member country in order to expand access to the goods and services market, increase competitiveness, and further integrate Indonesia into the global and regional value chain," he said in a written statement, quoted Friday, May 26.

According to Nella, global economic conditions are still faced with various new challenges. He said, after being separated from the ongoing effects of the COVID-19 pandemic, the outbreak of geopolitical conflicts, to rising food and energy commodity prices, now the global world must face new challenges, namely the threat of a slowdown in the global economy.

"As an effort to deal with the ongoing global economic slowdown, the ASEAN Region continues to strengthen cooperation, especially in the economic sector. This has proven to be effective considering that the economy of this region was able to grow above 5 percent in 2022," he said.

Nella added that this meeting was attended by representatives of ASEAN and Canada countries with the theme Plenary and Caucus Meeting The ASEAN-Canada Free Trade Agreement (ACAFTA) Sub Working Group on Financial Services.

"ACAFTA implementation, as a free trade negotiation aimed at encouraging economic growth, increasing investment, and increasing market access for ASEAN and Canadian member countries," he stressed.

Nella explained, in this meeting, financial services sector coaches from the two regions discussed and shared views on agreeing on the provisions of the trade in financial services which are expected to increase trade and investment in the financial services sector which provides balanced benefits for all parties.

For information, the Plenary and Caucus Meeting is expected to make a significant contribution to efforts to resolve ACAFTA negotiations and implementation and strengthen trade cooperation between ASEAN and Canada.

In addition, concrete steps produced in this meeting could open up new opportunities for trade and investment in the financial sector, thus encouraging the creation of new sources of growth in the efficient and healthy financial services sector to support the economy of Indonesia and other member countries.