The Philippines is of great interest to Canada. Right now it is the fasting growing economy in Southeast Asia. If you look at Asia, it's the second fastest growing economy, next to China.
This is a market that we need to take notice of. Of course, we also have an advantage there. We have a very large Filipino diaspora in Canada, some 800,000 strong, and they provide us with the connectivity between Canada and the Philippines to do business, to increase tourism, to increase educational flows between our two countries.
We announced during President Aquino's visit that we are now embarking upon exploratory discussions toward a free trade agreement. That means that we're going to sit down with our Filipino counterparts and explore the opportunities for successfully concluding trade negotiations and the level of ambition that both parties are aiming for.
This is a very significant step forward for Canada in engaging not only with the Philippines but also with the larger Asian region and those 10 countries there. In fact, as you know, Mr. Cannan, I believe I'm the first trade minister to visit every single country within Asia. There are 10 countries, and I've had a chance to visit each one, many of them more than once. I've even visited Laos, which had been neglected for many years. It's important that we engage with that region because it is becoming a dynamo when it comes to economic growth.
My trade mission to the Philippines will, of course, focus on a number of areas where Canada has strengths. Agrifood and food processing is one. Waste energy is another one. There's a company out of Vancouver that is now actively putting in place a waste energy plant that is more than just about energy. It's also about using that energy in things such as freshwater coho production, and greenhouse production. This is where Canada's expertise really shines. So I'm looking forward to visiting the Philippines, and I expect I'll be bringing a fair-sized delegation with me.