Prime Minister Mark Carney announced the conclusion of free-trade negotiations between Canada and the Philippines during his visit to Manila for the ASEAN summit. The agreement, finalized within hours of his arrival, aims to be implemented by next year. Carney highlighted the potential for the deal to triple trade between the two nations to over $10 billion annually by 2035.
The Philippines, despite a recent economic slowdown with GDP growth at 2.1% in the third quarter of 2026, is expected to rebound to over 5% growth next year. Canadian pork producers are particularly interested in the agreement, as it may address long-standing restrictions on pork exports to the Philippines. However, specific details of the deal have not yet been released.
Carney emphasized that the agreement aligns with Canada's strategy to diversify trade away from the United States. He noted that the deal will benefit various Canadian industries, from tech startups to canola farmers, by providing easier and cheaper access to the expanding middle-class market in Southeast Asia.
Kyle Larkin, president and CEO of the Canadian Meat Council, welcomed the development, calling it an encouraging step for Canada's pork industry. While a broader Canada-ASEAN free trade agreement remains under discussion, the regional bloc's combined economy of about US$6 trillion presents significant opportunities for Canadian exporters.