Strengthening Ties: Canada and ASEAN Forge a Path to Economic Resilience
On October 22, 2024, the York Centre for Asian Research (YCAR) brought together key stakeholders from across Canada to discuss how to strengthen economic ties and security between Canada and the Association of Southeast Asian Nations (ASEAN). The event, hosted by the University of Ottawa’s Telfer Management School Executive MBA Program, focused on government-industry collaboration and its vital role in navigating a rapidly evolving global landscape.
A Collaborative Approach to Economic Security
The symposium, the third of its kind organized by YCAR’s Canada-ASEAN Initiatives program, highlighted the importance of addressing shared challenges related to food, energy, and environmental security. Participants delved into how Canada can meet the needs of ASEAN member states and contribute to reliable supply chains, as outlined in the recent ASEAN-Canada Joint Leaders Statement on Enhancing ASEAN Connectivity and Resilience.
Discussions centered around Global Affairs Canada’s efforts to engage the private sector in its Indo-Pacific Strategy and the ASEAN-Canada Strategic Partnership. Attendees explored opportunities for inclusive economic growth, diversified trade and investment partnerships, and the role of trade agreements like the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) in fostering economic resilience.
Canada’s Role in Southeast Asia’s Energy Transition
The discussion also touched upon the crucial role of energy security in the region. The example of Petronas, Malaysia’s state energy company, and its investment in Canada’s energy sector, was cited as a potential model for collaboration. As Southeast Asia transitions away from coal, Canada’s liquefied natural gas (LNG) exports, particularly from the world-low emissions LNG Canada project in British Columbia, offer a pathway to cleaner energy solutions.
Building Trust and Long-Term Partnerships
Asian participants emphasized the importance of building trust through cultural exchange, sound economic relationships, and cooperation in peace and security. They stressed the need for Canada to demonstrate long-term commitment and follow through on strategies to solidify partnerships and overcome skepticism.
Moving Forward: A Call to Action
The symposium underscored the immense potential for deepening economic and strategic ties between Canada and ASEAN. Moving forward, it is crucial to:
- Increase awareness: Raise awareness of the complexities of Southeast Asia and Canada’s comparative advantages as a strategic partner.
- Promote public-private partnerships: Leverage supply chains to connect large corporations with SMEs, and utilize Team Canada Trade Missions to create tangible opportunities for Canadian businesses.
- Invest in workforce development: Equip Canadians with the skills and knowledge necessary to effectively engage with Southeast Asia.
-
Tell Canada’s story: Craft a compelling narrative that resonates with local priorities and concerns.
By embracing these recommendations, Canada can solidify its position as a reliable and trusted partner in Southeast Asia, fostering a more secure and prosperous future for both regions.
Keep reading