Canada is moving closer to new trade agreements in Southeast Asia as Ottawa seeks to expand economic ties beyond its traditional North American markets.
Canada’s trade minister said negotiations on separate free trade agreements with the Philippines and the Association of Southeast Asian Nations are more than 90 percent complete.
The negotiations represent an important part of Canada’s broader effort to diversify its international trade relationships.
Southeast Asia is one of the world’s fastest-growing economic regions, with expanding consumer markets, manufacturing networks and demand for energy, agricultural products, technology and professional services.
For Canadian businesses, deeper trade ties with ASEAN could create new opportunities across a market of hundreds of millions of people.
Canada already maintains significant economic links across the Indo-Pacific region, but new agreements could reduce trade barriers and establish clearer rules for companies seeking to expand investment and exports.
The negotiations also come at a time when Canadian policymakers and businesses are reassessing the risks of depending too heavily on any single export market.
If completed, the agreements with ASEAN and the Philippines would add another component to Canada’s expanding Indo-Pacific economic strategy and could strengthen connections between Canadian and Asian businesses.