Relative to the First Canada-ASEAN Economic Ministers Consultations in Cambodia, the Canada-ASEAN Business Council (CABC), which will focus on growing private-sector cooperation between Canadian and Southeast Asian businesses, has been created, while a 2012-2015 work plan has been adopted, to deepen trade and investment ties between Canada and the Association of Southeast Asian Nations (ASEAN).

International Trade Minister Edward B. Fast of Canada said that "as a Pacific nation, strengthening Canada's ties with Southeast Asia is consistent with our active and growing presence in the Asia-Pacific region and a key part of our government's broad and ambitious pro-trade plan to create jobs, growth and long-term prosperity for hard-working Canadians."

Furthermore, according to Minister Fast, the new developments would be intrinsic towards "deepening Canada's trade and investment ties with ASEAN, which is one of the world's fastest-growing economic regions and that has a combined GDP of $2.1 trillion."

During an official visit by Minister Fast to Indonesia in October 2011, Canada took an important step toward deeper trade and investment ties with Southeast Asia by adopting a joint declaration of cooperation with ASEAN. The joint declaration called for further cooperation among governments and businesses, including a commitment to exploring ways to deepen economic ties between Canada and ASEAN.

The CABC signals that "Canada and the ASEAN countries are moving forward on our shared commitment to deepen our commercial ties," said Minister Fast. "The CABC will be dedicated to ensuring that the mutual benefits of deeper trade and investment take the Canada-ASEAN relationship to the next level."

The creation of the CABC comes at a time when both Canada and ASEAN mark the former`s 35th year as a formal Dialogue Partner, and on the 45th founding anniversary of the regional grouping.

ASEAN ranks as Canada's seventh-largest merchandise trade partner, with merchandise trade valued at $15.5 billion in 2011. ASEAN comprises Brunei, Burma, Cambodia, Indonesia, Laos, Malaysia, the Philippines, Singapore, Thailand and Vietnam.