Canada says Asean, Philippines trade talks 90% complete

Canada's trade minister, Maninder Sidhu, announced on Tuesday that negotiations on separate free trade agreements with the Philippines and ASEAN are more than 90% complete. Sidhu expressed optimism that both deals will be finalized before Prime Minister Mark Carney's visit to Manila in November. The trade push is part of Canada's strategy to diversify economic ties and strengthen supply chains amid growing global uncertainties.

Sidhu emphasized that diversification is a core objective, irrespective of any changes in US trade policy. He highlighted Canada's significant advantage in the region, particularly its expanding liquefied natural gas (LNG) export capacity. Canada has over five LNG projects in various development stages, targeting Asian markets. This strategic move aims to stabilize energy prices and supply lines for Southeast Asian economies, many of which face higher energy costs and supply disruptions due to the Strait of Hormuz.

Sidhu also mentioned Canada's commitment to supporting the Luzon Economic Corridor in the Philippines, a key manufacturing hub. Opportunities in areas such as energy, data centres, and related infrastructure are being explored. While Sidhu did not provide an estimate of potential investment from the trade agreement, he noted that such deals typically foster new projects and partnerships by signaling government support for enhanced economic ties.