1. On 25 August 2015, the final day of the 47th ASEAN Economic Ministers’ (AEM) Meeting and Related Meetings held in Kuala Lumpur, the ASEAN Economic Ministers had consultations with their counterparts from Canada and Russia. The AEM also met with the ASEAN-Business Advisory Council (ASEAN-BAC). 

 

4th AEM - Canada Consultations 

2. The 4th AEM-Canada Consultations were co-chaired by YB Dato’ Sri Mustapa Mohamed, Minister of International and Industry with H.E. Christine Hogan, Deputy Minister of International Trade, Canada.

3. The Ministers noted that since the 3rd AEM-Canada Consultations in Myanmar in 2014, both sides have engaged in cooperation in various areas, such as transport, energy, finance and SMEs, which have contributed to the further deepening of ASEAN-Canada economic ties. The Ministers encouraged officials to find more ways to further enhance ASEAN-Canada relations for the benefit of both sides and particularly for newer ASEAN Member States.

4. The Ministers expressed satisfaction with the implementation of the 2014-2015 Work Plan to Implement ASEAN-Canada Joint Declaration on Trade and Investment (JDTI). Among activities that have been implemented were dialogues between senior-level officials of ASEAN and Canada, promotion of trade and investment relations through trade missions and participations of Canadian companies in various trade expos and conventions in ASEAN, and increased participation of the private sector through the Canada-ASEAN Business Council (CABC). 

5. The Ministers further endorsed the 2016-2020 Work Plan to Implement the ASEAN-Canada JDTI. The Work Plan will further bolster ASEAN-Canada economic cooperation. Activities that will be implemented include technical trainings for ASEAN SMEs and women entrepreneurs, sharing of information between ASEAN Corporate Social Responsibility (CSR) Network with ASEAN’s CSR experts, and regional trade and investment missions in the areas of energy, aviation, agriculture, oil and gas, ICT, infrastructure, and clean technology.

6. The Ministers also had a dialogue with the CABC, the representative organisation for Canadian businesses in the region.  The Ministers welcomed the activities of CABC which include organizing trade and investment missions to Myanmar and the Canada ASEAN – Business Forum in Bangkok in March 2015. The ministers also noted the increasing membership of CABC which was only formally established 3 years ago.  

 

4th AEM - Russia Consultations

7. The 4th AEM-Russia Consultations were co-chaired by YB Dato’ Sri Mustapa Mohamed, Minister of International and Industry, with H.E. Alexey V. Ulyukaev, Minister of Economic Development of the Russian Federation.

8. The Ministers welcomed the steps taken to enhance the economic ties between ASEAN and Russia through the implementation of the ASEAN-Russia Trade and Investment Cooperation Work Programme. The activities include enhancement of cooperation in tourism, energy, agriculture products, and technology. 

9. The Ministers also noted the updates provided by Russia on the Eurasian Economic Union (EEU) which represents a combined market of 176 million people and a GDP of more than US$4 trillion. The EEU introduces the free movement of goods, capital, services and people and provides for common transport, agriculture and energy policies, with provisions for a single currency and greater integration in the future. 

10. The Ministers also welcomed the list of 57 projects submitted by Russia, covering a wide range of economic sectors for possible collaboration between the private sector of ASEAN and Russia.

 

AEM - ASEAN Business Advisory Council (ASEAN-BAC) Consultations

11. The AEM-ASEAN BAC Consultations were chaired by YB Dato’ Sri Mustapa Mohamed, Minister of International and Industry while the ASEAN-BAC was led by its chairman, Tan Sri Dr. Munir Abdul Majid.

12. Minister Mustapa, as the AEM Chair, briefed the ASEAN-BAC members on the implementation of the AEC 2015 measures as well as the progress of the drafting of the AEC Post-2015 economic vision. 

13. The Ministers welcomed recommendations by the ASEAN-BAC on the post-2015 agenda and priorities. These include enhanced financial services sector integration and support system, better access to financing for MSMEs, reduction and elimination of non-tariff barriers, improved environment for movement of professionals and skilled labour across the region, and the development of private sector post-2015 joint-scorecard. 

14. The Ministers took note that the ASEAN Young Entrepreneurs Council is set to be launched in November 2015. Ministers’ also agreed that for the ASEAN-BAC to play a more effective role, commitments and resources have to be enhanced. In this context, the Ministers supported the ASEAN-BAC’s request for official funding and for the ASEAN-BAC Secretariat to be run by professionals.
     

List of Ministers

1. H. E. Pehin Dato Lim Jock Seng, Second Minister of Foreign Affairs and Trade, Brunei Darussalam;

2. H.E. Pan Sorasak, Secretary of State for Commerce, Cambodia;

3. Mrs. Sondang Anggraini, Adviser to the Minister on Trade and Diplomacy, Ministry of Trade, Indonesia;

4. H.E. Mrs. Khemmani Pholsena, Minister of Industry and Commerce, Lao PDR;

5. H.E. Dato’ Sri Mustapa Mohamed, Minister of International Trade and Industry, Malaysia;

6. H.E. Dr. Kan Zaw, Union Minister for National Planning and Economic Development, Myanmar;

7. H.E. Gregory L. Domingo, Secretary of Trade and Industry, the Philippines;

8. Mrs. Sulaimah Mahmood, Director of ASEAN, Ministry of Trade and Industry, Singapore;

9. Mr. Thawatchai Sophastienphong, Director General of the Department of Trade Negotiations, Ministry of Commerce, Thailand (AEM & AFTA Council);

10. H.E. Nguyen Cam Tu, Deputy Minister of Industry and Trade, Viet Nam;

11. H.E. Le Luong Minh, Secretary-General of ASEAN;

12. H.E. Christine Hogan, Deputy Minister of International Trade, Canada;

13. H.E. Alexey V. Ulyukaev, Minister of Economic Development, Russian Federation; and

14. Tan Sri Dr. Munir Majid, Chairman of the ASEAN Business Advisory Council (ASEAN-BAC).

 

Additional Information

ASEAN-Canada

• Combined GDP and Market Size: ASEAN-Canada has a combined market of 657.9 million and a combined GDP of approximately US$4.36 trillion in 2014.

• Trade: ASEAN-Canada trade was valued at US$13.2 billion in 2014 (Export:US$7.5 billion, Import:US$5.7), decreased by 2.3% compared with US$13.5 billion recorded in 2013. Canada has been consistently ASEAN’s 9th largest trading partner since 2011.

• Investment: FDI inflows from Canada to ASEAN were amounted to US$1.3 billion in 2014 (2013: US$1.0 billion). Canada was the 7th largest source of FDIs for ASEAN in 2014.

 

ASEAN-Russia

• Combined GDP and Market Size: ASEAN-Russia has a combined market of 766.1 million and a combined GDP of approximately US$4.43 trillion in 2014.

• Trade: ASEAN-Russia trade was valued at US$22.5 billion in 2014 (Export:US$5.4 billion, Import:US$17.1 billion), an increase of 13% compared with US$19.9 billion recorded in 2013. Trade has been consistently in Russia’s favour since 2016 and Russia has also been consistently ASEAN’s 8th largest trading partner since 2011.

• Investment: Russia was ASEAN 11th largest source of FDIs. In 2014, there was a negative inflows of Russia’s investment to ASEAN amounted to US$0.03 billion. In 2013, Russian FDI inflows to ASEAN were amounted to US$0.54 billion.