Canada’s Carney touts Philippine trade deal on Asia tour

Canadian Prime Minister Mark Carney announced on Saturday that Canada has successfully concluded negotiations for a comprehensive free-trade agreement with the Philippines during his Asia tour. The US-Canada trade war has disrupted what was once one of the world's closest economic partnerships. Carney told reporters at a regional summit in Manila that the deal, expected to be signed within six months, would be the most extensive agreement the Philippines has ever signed, boosting bilateral trade by over threefold in the next decade.

Over 90% of tariff lines would be eliminated, covering sectors from agriculture to aerospace and artificial intelligence. Meanwhile, Carney announced that the Association of Southeast Asian Nations (Asean) is also in talks for a landmark trade pact, becoming the first trade agreement outside of Asia for the bloc. The agreement would generate over US$50 billion in two-way trade, up nearly 25% in the past year.

Carney emphasized that Canada's trade with the US, a crucial pillar of its economy, will not revert to pre-Trump norms, and the country must diversify its trading relationships. During his trip, Carney will next visit Cambodia for a Francophonie summit and then travel to China for APEC meetings, where he plans to discuss Canada's trade commitments with Chinese President Xi Jinping.