Canadian Prime Minister Mark Carney announced significant progress in trade relations during his visit to the Philippines and participation in the ASEAN Summit. He highlighted the deepening ties between Canada and the Philippines, noting the strong people-to-people connections and the Philippines' status as one of Southeast Asia's fastest-growing economies. Carney revealed that negotiations for a Canada-Philippines free trade agreement have been successfully concluded, with the deal expected to be finalized and implemented next year. This agreement is anticipated to triple trade between the two countries over the next decade, benefiting sectors such as agriculture, aerospace, artificial intelligence, forest products, mining, and energy services.
The Prime Minister also announced substantial progress in negotiations for a comprehensive ASEAN-Canada free trade agreement. This agreement, which covers 11 countries and nearly 700 million people, aims to reduce or eliminate tariffs on Canadian exports in the region. It is expected to increase Canadian exports by more than $2 billion, add $1.5 billion to the economy, and support 14,000 jobs. Carney emphasized that this is ASEAN's first trade agreement outside the region, demonstrating the deepening partnership between Canada and ASEAN.
Carney outlined Canada's broader strategy to reduce reliance on the United States by diversifying trade partnerships. This year alone, Canada has signed seven new trade and investment agreements and launched negotiations for seven more. Notable achievements include a comprehensive economic partnership agreement with the United Arab Emirates, concluded in a record 47 days, and Canada's first-ever bilateral trade agreement with a Southeast Asian country, Indonesia. Carney also mentioned upcoming meetings with President Xi to discuss increasing trade with China and efforts to conclude a new free trade agreement with India by the end of the year.
The Prime Minister emphasized that these trade agreements are part of a larger strategy to build a stronger, more competitive, and more independent Canada. He noted that nearly one in three Canadian export dollars now comes from outside the U.S., the highest share in 40 years. Carney concluded by stating that Canada is just getting started in its efforts to turn global uncertainty into national opportunity.