Canadian PM announces new trade partnerships with Philippines

Canadian Prime Minister Mark Carney and visiting President of the Philippines Ferdinand Marcos Jr yesterday announced in Vancouver a new Canada-Philippines Strategic Partnership that will deepen bilateral cooperation in trade, energy, defence and tourism.A priority of the partnership is concluding negotiations on a bilateral free trade agreement (FTA) by the end of this year. This agreement is expected to triple bilateral trade by 2035 and create significant new export opportunities for Canadian businesses, particularly in agriculture and forest products, a release from the Canadian Prime Minister’s office said.

Canadian PM Mark Carney and visiting Philippine President Ferdinand Marcos Jr yesterday announced in Vancouver.
The new Canada-Philippines Strategic Partnership will deepen bilateral cooperation in trade and energy.
A priority is concluding talks on a bilateral FTA by the year end that may triple bilateral trade by 2035.
Both countries are also deepening collaboration in energy.

Canada is also negotiating an FTA with the Association of Southeast Asian Nations (ASEAN), and the target is to complete that by the end of this year, in which the Philippines is the ASEAN chair. This agreement is expected to add nearly $2 billion to Canada’s gross domestic product (GDP) and create nearly 14,000 jobs in Canada, including in agriculture and manufacturing, the release noted.

Both countries are also deepening collaboration in energy. They announced a Joint declaration of intent concerning energy and natural resources cooperation and a new technical assistance partnership.

Both countries will leverage resources to secure resilient, sustainable and responsible supply chains in the Philippines, Canada and across the Indo-Pacific.

Fibre2Fashion News Desk (DS)