Canada and the Philippines will finalize a free trade agreement this year, Prime Minister Mark Carney announced Thursday, alongside agreements to deepen cooperation on energy, defence, labour and migration. The announcement came during a joint press conference in Vancouver with Philippine President Ferdinand Marcos Jr., who is visiting Canada this week for the first official visit of a Philippine leader to the country in 11 years.
Trade Deal and Economic Cooperation
Carney said Canada is on track to conclude free trade talks with the Philippines this year, a nation of about 113 million people. He also noted that his government is working to finalize a trade pact with the Association of Southeast Asian Nations (ASEAN). Bilateral merchandise trade between the two countries reached $3.4 billion last year, according to Canadian government data. The trade talks are part of Carney's broader effort to double Canada's exports to markets outside the United States within a decade.
Defence and Security Partnership
“In a more dangerous and divided world, economic strength must be reinforced by shared security,” Carney said. The two countries signed a visiting forces agreement last year, as the Philippines seeks partners to counter Beijing’s expansive claims in the South China Sea. Marcos is expanding defence ties beyond Manila’s long-time ally Washington, while Carney aims to reduce Canada's reliance on U.S. trade.
Upcoming ASEAN Summit
Carney appeared to confirm his attendance at the ASEAN leaders summit this fall, saying he planned to see Marcos again soon in Manila. The Philippines currently holds the rotating chairmanship of the group. The summit will provide a platform for further discussions on trade and security cooperation.
