Analysts suggest Canada’s proposed free-trade agreement with Asean could significantly aid the region’s economic expansion across sectors like mining and manufacturing. This initiative also aligns with Ottawa’s broader strategy to reduce its economic reliance on the United States, as both parties actively pursue diversification.
Canadian International Trade Minister Maninder Sidhu, during a recent visit to Manila, confirmed to Bloomberg that Canada aims to conclude separate trade agreements with both the Association of Southeast Asian Nations (Asean) and the Philippines within the current year. These efforts follow initial discussions between Ottawa and the bloc that began in 2021.
Sidhu emphasized that such agreements would unlock new markets and foster opportunities for Canadian workers and businesses within the region. His remarks were made on the sidelines of a trade meeting that included his Philippine counterpart, Cristina Roque, and Finance Secretary Frederick Go.
As part of this engagement, Canada announced a C$2 million (US$1.5 million) investment in the US and Japan-backed Luzon Economic Corridor project, with a focus on data centers, logistics, and energy infrastructure.
Acknowledging the changing global landscape since the trade talks commenced in late 2021, Sidhu affirmed the strong political will to finalize the free trade pact with Asean this year.
This push for deeper engagement aligns with a broader Canadian objective announced last year by Prime Minister Mark Carney: to double the country’s non-US exports to C$600 billion (US$437 billion) annually by 2035.
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