Canada’s Carney touts Philippine trade deal on Asia tour
Mark Carney said Ottawa had successfully concluded negotiations for a sweeping free-trade pact with the Philippines, as it seeks ways to reduce its reliance on the US.
Canadian Prime Minister Mark Carney announced on Saturday that Canada had successfully negotiated a comprehensive free-trade agreement with the Philippines during his visit to Manila for the 49th Asean Summit. The United States-Canada trade war has strained their economic partnership, but Canada aims to reduce its reliance on the US by diversifying its trading relationships.
The deal with the Philippines, expected to be signed within six months, would triple trade between the two nations in the next decade. Over 90% of tariffs between the countries would be eliminated, covering sectors such as agriculture, aerospace, and artificial intelligence. Additionally, the Philippines would be the first Asean member to sign a trade agreement outside of Asia, with total two-way trade currently at nearly $50 billion annually.
Carney emphasized that Canada will not revert to a pre-Trump trade normal with the US and must diversify its trading partners. The Canadian leader is currently touring Southeast Asia, including a visit to Phnom Penh for a Francophonie summit, before attending the Asia-Pacific Economic Cooperation (Apec) meetings in China.
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- Canada’s Carney touts Philippine trade deal on Asia tour freemalaysiatoday.com
- Carney says Canada will only sign a U.S. trade deal that includes viable auto sector winnipegfreepress.com
