Canadian Prime Minister Mark Carney announced significant progress in trade relations during the ASEAN Summit, highlighting two major achievements. First, Canada has concluded negotiations on a free trade agreement with the Philippines, a fast-growing economy with $700 billion in economic activity. The deal, finalized after nine months of talks, is expected to triple trade between the two countries over the next decade, benefiting sectors like agriculture, aerospace, and artificial intelligence.
The second milestone is the substantial completion of negotiations for a comprehensive ASEAN-Canada free trade agreement. This deal, covering 11 countries and nearly 700 million people, aims to reduce or eliminate tariffs on Canadian exports, potentially increasing exports by over $2 billion and supporting 14,000 jobs. Carney emphasized that this is ASEAN’s first trade agreement outside the region, demonstrating deepening partnerships.
Carney also outlined Canada’s broader strategy to reduce reliance on the U.S. by doubling non-U.S. exports by 2035. This year alone, Canada signed seven new trade agreements and launched negotiations for seven more, including a record-fast deal with the United Arab Emirates and a first-ever bilateral agreement with Indonesia. Upcoming discussions with China and India further highlight Canada’s ambitious trade agenda.
The Prime Minister framed these efforts as part of a larger goal to strengthen Canada’s sovereignty and economic independence. By fostering diverse international partnerships, Canada aims to create more opportunities for businesses, better jobs for workers, and a more resilient economy.