Prime Minister Carney advances new trade, economic, and security partnerships with ASEAN nations

CANADA, October 27 - The world is more dangerous and divided. The scale and speed of recent trade shifts and technological developments mean that Canada’s economic strategy must change dramatically. To that end, 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. That is why the Prime Minister recently announced that Canada is embarking on an ambitious new mission to double our non-U.S. exports in the next decade.

Today, the Prime Minister, Mark Carney, concluded his visit to Kuala Lumpur, Malaysia, where he attended the Association of Southeast Asian Nations (ASEAN) Summit and met with world leaders and investors to strengthen trade, technology, and energy partnerships. The Prime Minister accelerated negotiations on a new Canada-ASEAN free trade agreement, which would unlock new markets and opportunities for Canadian workers and businesses across the Indo-Pacific region. The Prime Minister also announced $25 million in technical assistance to ASEAN nations to accelerate and effectively implement a Canada-ASEAN free trade agreement. 

During his visit, the Prime Minister held bilateral meetings with the leaders of Laos, Malaysia, the Philippines, and Vietnam, and met with the leaders of the European Council and South Africa. The Prime Minister thanked the Prime Minister of Malaysia for his leadership as ASEAN Chair for 2025 and discussed the Letter of Intent signed between Canada and Malaysia to deepen investment in liquified natural gas, oil, nuclear, and renewable energy. During the Prime Minister’s discussion with the President of the Philippines, the leaders announced their intent to imminently launch negotiations on a new free trade agreement between Canada and the Philippines, with a goal of concluding the agreement in 2026. The Prime Minister also met with ASEAN-based institutional investors and business leaders to discuss the opportunities that Canada presents.

The Prime Minister visited CAE’s training facility in Kuala Lumpur, as Malaysia Airlines signed a deal with CAE to purchase a Canadian-built flight simulator. On the margins of the ASEAN Summit, Canada’s new government announced $226,000 to expand the BlackBerry Cybersecurity Centre of Excellence into an international hub for cyber intelligence and security innovation – a testament to Canada’s ever-growing economic footprint in the region.

The Prime Minister also met with the CEO of PETRONAS, Tengku Muhammad Taufik. PETRONAS is one of the world’s largest energy companies and a major investor in LNG Canada Phase 1 – the liquified natural gas facility in Kitimat, British Columbia. With Phase 2 of this project now referred to the Major Projects Office, the government is exploring new opportunities to expand our partnership and strengthen Canada’s role as a reliable energy supplier.

In a world of rapid change, Canada’s new government is focused on what we can control. We are growing a stronger economy – one that is built on the solid foundation of thriving Canadian workers, strong Canadian industries, and bolstered by diverse international trade partners.

Quote

“The world is changing rapidly and Canada must dramatically change its economic strategy. We must make generational investments to build our economy at home and work relentlessly to diversify our trade partnerships abroad. Now is not the time to be cautious, because fortune favours the bold. Now is the time to bet big on Canadians and play to win.”

The Rt. Hon. Mark Carney, Prime Minister of Canada

Quick facts

• This is Prime Minister Carney’s first official visit to the Indo-Pacific region, including to Malaysia.
• The Indo-Pacific region is Canada’s second-largest trading partner with over $260 billion in two-way merchandise trade. Yet it still represents only 10% of our exports.
• The ASEAN region is a major global market of nearly 700 million people and an economy worth over $5 trillion.  
• As a group, ASEAN represented Canada’s fourth-largest merchandise trade partner, with annual two-way trade valued at $42.3 billion in 2024.
• Malaysia is Canada’s fourth-largest bilateral merchandise trading partner in ASEAN, with over $5 billion in two-way merchandise trade in 2024.
• Canada and ASEAN are accelerating negotiations for a Canada-ASEAN free trade agreement. This agreement would add over $1.5 billion to our economy, giving Canadian workers and businesses access to nearly 700 million consumers and an over $5 trillion market. Negotiations are anticipated to conclude in 2026.
• 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.

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