The global trade landscape is rapidly changing. In the face of this upheaval, Canada’s new government is focused on transforming our economy from one that is reliant on a single trade partner to one that is stronger and more resilient to global shocks. To that end, a core mission of the government is to diversify and strengthen Canada’s trade partnerships.
Today, the Prime Minister, Mark Carney, announced that he will travel to Malaysia, Singapore, and the Republic of Korea, from October 24 to November 1, 2025, to deepen trade relationships in the Indo-Pacific region, shore up defence partnerships, and unlock new opportunities for Canadian workers and businesses.
In Kuala Lumpur, Malaysia, the Prime Minister will attend the Association of Southeast Asian Nations (ASEAN) Summit. The ASEAN region is a major global market of over 677 million people and an economy of over $5 trillion. The Prime Minister will focus on advancing significant new export opportunities for Canadian industries, from agriculture and energy to innovation and technology. While in Malaysia, Prime Minister Carney will meet with the Prime Minister of Malaysia, Anwar Ibrahim, and key business leaders to strengthen economic ties between Canada and Malaysia.
In Singapore, the Prime Minister will meet the Prime Minister of Singapore, Lawrence Wong, and senior business leaders to deepen the Canada-Singapore partnership in trade, energy, and technology. Canada’s growing partnership with Singapore, supported by the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), is already delivering benefits to Canadian exporters. The Prime Minister’s visit will accelerate efforts to remove trade barriers and attract investment, with the aim of increasing Canadian market access in Southeast Asia.
The Prime Minister will then travel to Gyeongju, Korea, to participate in the Asia-Pacific Economic Cooperation (APEC) Economic Leaders’ Meeting. APEC economies account for over 60% of global GDP and nearly half of all global merchandise trade – making this relationship invaluable for Canada’s economic growth. While in Korea, the Prime Minister will meet with the President of Korea, Lee Jae Myung, international counterparts, and senior business leaders to deepen trade in agriculture, energy, defence, and critical minerals.
In a world of rapid change, Canada’s new government is focused on what we can control. We are growing a strong economy – one that is built on the solid foundation of thriving Canadian workers, strong Canadian industries, and bolstered by diverse international trade partners.
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“The Indo-Pacific is the world’s fastest-growing economic region, presenting major opportunities for Canadian workers and businesses. Our new government is laser-focused on expanding trade in the region – opening doors to new markets, investors, and customers for Canada."
The Rt. Hon. Mark Carney, Prime Minister of Canada
Quick facts
- This will mark Prime Minister Carney’s first official visit to the Indo-Pacific region.
- The Indo-Pacific region is Canada’s second-largest regional trading partner, with annual two-way merchandise trade valued at $261 billion in 2024.
- As of 2023, APEC’s 21 member economies were responsible for more than 60% of world GDP, accounted for around 50% of world merchandise trade, and were home to nearly 37% of the world’s population.
- APEC is a key merchandise trade partner for Canada. Canada’s trade with APEC was a significant source of growth in 2024, valued at $1.3 trillion.
- In 2024, the 10 ASEAN member states represented the fifth-largest economy in the world and the third-largest population in the world.
- As a group, ASEAN represented Canada’s fourth-largest merchandise trade partner, with annual two-way trade valued at $42.3 billion in 2024.
- In September, Canada announced a new trade agreement with Indonesia – Canada’s first-ever bilateral trade agreement with an ASEAN country. This agreement will either reduce or fully eliminate tariffs on over 95% of current Canadian exports to Indonesia.
- Also in September, Canada and Mexico launched a new Comprehensive Strategic Partnership to deepen ties between our two countries in trade, environmental conservation, development of long-term infrastructure, and bilateral security to disrupt transnational organised crime, drug and human trafficking, money laundering, and cybercrime.
- In June, Canada announced the New EU-Canada Strategic Partnership of the Future to create more economic opportunities and long-term prosperity for workers, businesses, and citizens in both Canada and the European Union.