Trade Accord Between China and ASEAN Nations is a Wakeup Call for North America

November 29, 2004

The following are comments by Thomas d’Aquino, President and Chief Executive of the Canadian Council of Chief Executives (CCCE), after today’s signing of an accord between Southeast Asian countries and China to create the world’s biggest free trade area by the end of the decade:

“This agreement between China and the 10-member Association of Southeast Asian Nations (ASEAN) represents a wakeup call for Canadians. A decade ago, Canadians were leaders in the worldwide movement toward more open markets. Together with our partners in the United States and Mexico, we successfully launched the North American Free Trade Agreement (NAFTA) and created the world’s largest trading zone, which delivered enormous benefits for all three countries. But today, North Americans face an unprecedented degree of competition for investment and for jobs as developing nations such as China and India become powerful forces in global markets. Without a clear vision of where we want to go, Canada is at risk of seeing its relative influence decline.

“When Prime Minister Paul Martin and President George W. Bush sit down tomorrow they will confront a number of pressing bilateral challenges and specific trade issues. But it is important not to lose sight of the larger picture. The NAFTA has been an outstanding success for all three countries, and the time has come to take our North American partnership to the next level. During his visit to Ottawa last month, Mexican President Vicente Fox reinforced his country’s interest in pursuing a bold new vision for the continent. Canada, the United States and Mexico each bring unique strengths to the challenge of enhancing the competitiveness of North America within the global economy. This week’s meetings between Prime Minister Martin and President Bush provide an important opportunity to add real momentum to the development of a shared agenda for North American security and prosperity.”