Kuala lumpur: Canada expects a substantial share of its planned 50 per cent increase in non-US exports over the next decade to come from deeper economic ties with the Association of Southeast Asian Nations (ASEAN), said Canadian Prime Minister Mark Carney.
According to BERNAMA News Agency, Carney stated on October 22 that Canada intends to double its non-US exports by 2035, which would generate CAD300 billion (USD214.4 billion) more in trade. To achieve this, Canada is looking to conclude a Comprehensive Free Trade Agreement (ACAFTA) with ASEAN by next year.
Carney noted that he has met with Malaysian Prime Minister Datuk Seri Anwar Ibrahim, who is the chairman of ASEAN 2025, as well as Philippine President Ferdinand Marcos Jr, who will chair ASEAN next year. Canada plans to pursue a series of bilateral Free Trade Agreements (FTAs) and accelerate them. During the ASEAN Business and Investment Summit (ABIS) panel session, Carney emphasized Canada's strategy to broaden and deepen ties with partners who believe in rules-based trade and share similar values.
Canada and ASEAN have completed six rounds of negotiations, with the aim of concluding the agreement by 2025. Carney elaborated on the partnership, highlighting Canada's interest in working closely with ASEAN, particularly in energy, nuclear modular reactors, defense, and investments. He emphasized Canada's status as an energy superpower and its significant reserves in oil and liquefied natural gas (LNG), with plans to double LNG production by 2040.
Carney also mentioned Canada's large reserves of critical minerals and its position as a major center for mining finance. He sees a natural partnership with many ASEAN countries, which have their own reserves and potential. The partnership is considered timely, as both Canada and ASEAN have expressed the need for diversification.
Carney is currently on a working visit to Malaysia from October 25 to October 28, marking his first visit to the country since taking office in March 2025. Anwar and Carney are expected to hold a bilateral meeting to discuss strengthening Malaysia-Canada relations, exploring opportunities in trade and investment, and enhancing cooperation in various sectors.
In 2024, total trade between Malaysia and Canada amounted to RM11.32 billion, marking an increase of 33.6 per cent from the previous year. This positive momentum continued into the first quarter of 2025, with total trade reaching RM3.26 billion, a 38.7 per cent increase compared with the same period in 2024.