Canadian Prime Minister seeks new partners in Asia
The official visit aims to attract investment and expand trade ties beyond the United States.
Prime Minister Mark Carney is continuing his first official visit to Asia, arriving in Singapore on Tuesday for the second leg of his trip. The Canadian leader is working to position the country as a reliable trade partner for the Southeast Asian region and an attractive destination for investment.
Seeking Investment in Key Sectors
During a meeting with a business audience in Malaysia on Sunday, Carney emphasized that Canada has recognized the need for large-scale domestic development. According to him, the country needs about half a trillion dollars in investment across various sectors that could interest regional investors and businesses.
In Singapore, the Prime Minister held a series of private meetings with potential investment partners. Special attention was paid to talks with the leadership of Singapore's Government Investment Corporation — a sovereign wealth fund that already has investments in the Canadian economy.
According to information from the Prime Minister's office, Carney planned to encourage increased investment in areas such as artificial intelligence, clean technology, critical minerals, and national construction projects.
Building Trade Ties
Carney also visited facilities of port operator PSA International and met with its CEO. The company operates terminals in British Columbia and Halifax. The Canadian Prime Minister planned to encourage PSA International to participate in Canada's upcoming national construction projects.
The visit to the city-state came after plans to visit Japan were canceled due to political changes in Tokyo. Senior Canadian officials noted that the Prime Minister would likely have visited Japan this week if the country's coalition government hadn't collapsed earlier this month.
Challenges and Opportunities in the Region
Stephanie Martel, a professor at Queen's University in Kingston who specializes in Southeast Asia, stressed the need for Ottawa to prove its relevance in the region:
"Canada probably needs ASEAN a lot more than they need us — and they know it, but I don't think we necessarily understand that. They have bigger fish to fry, so we really need to make a compelling and strong case about our added value"
Carney's trip aims to implement the Indo-Pacific strategy unveiled by the Liberal government three years ago. The document noted that many in the region view Ottawa's engagement as inconsistent, with periods of active contact followed by years of silence.
Trade Agreements and Partnerships
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Malaysian Prime Minister Anwar Ibrahim told Carney during a bilateral meeting on Monday that his cabinet has agreed to pursue a deeper partnership with Canada in areas of trade, research, education, and investment.
Canada and ASEAN have pushed back the deadline for completing a trade agreement to next year, though the deal was originally planned to be signed in 2025. Martel noted that the delay isn't surprising, given the diversity of interests and development levels among the bloc's countries.
The expert praised Canada's decision to sign a separate agreement with Indonesia this year and announce plans to accelerate trade negotiations with the Philippines, calling it a pragmatic approach to advancing negotiations on both multilateral and bilateral levels.
Upcoming Meetings
Carney held meetings with leaders he plans to engage with at summits next year. He met with Philippine President Ferdinand Marcos Jr. ahead of the Philippines hosting the ASEAN summit in 2026. A meeting with Chinese President Xi Jinping is also scheduled at the APEC summit in Korea, as China will be hosting the APEC summit next year.
