Canada, Brazil announce $540M for rainforest protection project

Prime Minister Mark Carney has concluded a brief visit to the Philippines and is en route to Cambodia, where he will attend the Francophonie summit. During his time in Manila, Carney announced a $540 million initiative to protect tropical rainforests, as part of a co-led project between Brazil and Norway. The funding is part of a $6 billion fund pledged by Canada this spring to support international climate finance.

Trade Minister Maninder Sidhu explained that the project aims to attract both public and private investment for preserving biodiversity and supporting communities that rely on these ecosystems.

Sidhu also expressed optimism about Canada's trade prospects in the region, stating that the ASEAN bloc of 11 countries and Indonesia represent a rapidly growing market of 700 million consumers and an economy valued at $6 trillion. He affirmed that Canada is continuing negotiations for a trade deal with ASEAN, which he believes would grant Canada access to smaller countries while deepening agreements with Indonesia and the Philippines.

Sidhu assured that Canadian pork producers have not been found guilty in a global safeguards investigation into pork imports and reassured that Canada will not be subjected to any restrictions.

While in the Philippines, Carney met with Brazilian President Luiz Inacio Lula da Silva on the sidelines of the summit. Announcing the $540 million rainforest protection project, Lula described the funds as investments that would yield a profit, not "donations, money for free." Sidhu indicated that he would have further discussions with Brazil, which is part of the Mercosur trade bloc, regarding a potential trade deal between the two countries.

The Mercosur trade bloc is Canada's largest trading partner in Latin America, with $15 billion in annual trade.