In an effort to diversify Canada’s trade portfolio, the Federal government recently announced a public consultation on a possible free trade deal with countries in SE Asia.
The ASEAN region represents more than 640 million people, with a combined economy of C$3.6 trillion. To put this in perspective, ASEAN is the seventh-largest economy in the world (as a group) and is currently Canada’s sixth-largest trading partner.
A rising middle class coupled with swift infrastructure improvements (improved regional trade routes, access to office space etc.) creates a clear opportunity for Canadian SMEs, especially for those in the industries of agriculture, digital technology, and tourism.
To add, there has been strong profitability reported from Canadian companies already operating in SE Asia, meanwhile only 1 in 10 companies reported moderate losses from conducting business in the region.
If Canadian SMEs are able to establish themselves early on in the region, they will be well-positioned to benefit from this future growing market, all-the-while boosting Canada’s economic competitiveness on a global scale. For more information, visit here – http://www.international.gc.ca/trade-commerce/consultations/asean-anase/index.aspx?lang=eng