Prime Minister strengthened Indo-Pacific relations at the APEC Economic Leaders’ Meeting

Prime Minister Justin Trudeau concluded his participation in the Asia-Pacific Economic Cooperation (APEC) Economic Leaders Forum hosted by Thailand today, where his work helped position Canada as a partner to grow and intensify trade. Good middle-class jobs and strengthening people-to-people connections on both sides of the Pacific.

During the APEC Leaders’ Working Sessions, including a session with the APEC Business Advisory Council, the Prime Minister promoted the expansion of regional market access, trade and economic growth opportunities in the Indo-Pacific region. He highlighted Canada’s unparalleled contributions to the region as a partner in energy security, a source of secure agriculture and agri-food products, and a reliable exporter of natural resources, including critical minerals needed for the clean energy transition. In addition, she encouraged leaders to make ambitious commitments and make significant investments to boost economic growth and women’s economic empowerment.

As part of the upcoming release of Canada’s Indo-Pacific Strategy, the Prime Minister announced the following measures aimed at increasing trade, investment and supply chain resilience in the Indo-Pacific region, benefiting the people of the region and other countries. Canada:

  • $45 million to launch a series of enhanced trade missions to the Indo-Pacific region to be led by the Minister and to support exporters and regional Canadian chambers of commerce in Indo-Pacific markets to facilitate the creation of long-term opportunities for trade and investment;
  • $31.8 million to establish Canada’s first agriculture office in the region to increase and diversify agricultural and agri-food exports to the Indo-Pacific region, which will boost trade on both sides of the Pacific;
  • $92.5 million to significantly increase resources within Canadian missions in the Indo-Pacific and Canada Global Affairs to strengthen diplomatic, trade, development and climate relations with our regional partners and to defend Canada’s interests in the region.

The Prime Minister also announced an investment of $13.5 million to increase natural resource ties with our Indo-Pacific partners in trade, investment, science, technology and innovation. This investment will help countries on both sides of the Pacific Ocean transition to a clean economy. Indeed, Canada will be able to share and gain knowledge, particularly in the area of ​​sustainable development of critical minerals. This investment will also support Canada’s energy sector and its workers for generations to come.

While in Thailand, the Prime Minister endorsed the Bangkok Green Biocircular Economy Goals, which provide a model for trade and investment to support the energy transition and ensure member economies run their businesses in an environmentally and socially responsible manner.

During his meetings, the Prime Minister expressed concern about the economic consequences of Russia’s illegal intervention in Ukraine, which poses a great threat to peace and stability in the world. Faced with the wide-ranging repercussions of this invasion, including food and energy security, global supply chains and post-pandemic economic recovery, he stressed the importance of a unified response to mitigate the impact of the conflict on economic growth in the region.

Following a series of recent missile tests by North Korea, including the alleged launch of an intercontinental ballistic missile on Friday, Prime Minister Trudeau attended a security meeting convened by United States Vice President Kamala Harris. APEC Economic Leaders’ Meeting. He was accompanied by the leaders of South Korea, Japan, New Zealand and Australia. The prime minister strongly condemned Pyongyang’s provocative actions and called for continued coordination by the international community to counter the threat posed by North Korea’s ongoing nuclear and ballistic missile programs.

At the APEC Economic Leaders’ Meeting, leaders issued a joint statement to highlight their priorities and commitments, inform APEC’s future work, and underscore the commitment of members to work with their partners to build an economy based on the well-being of people on both sides. quiet

Quote

“By opening new markets and opportunities for Canadian businesses, innovators and entrepreneurs, and by attracting investment to Canada in sectors like clean energy that will underpin the global economy, we are building an economy that benefits all Canadians. I look forward to working with my colleagues in APEC to build on our success and create more opportunities for Canadians and the people of the Indo-Pacific region. »

Right Hon. Justin Trudeau, Prime Minister of Canada

Highlights

  • This is Prime Minister Trudeau’s seventh appearance at the APEC Economic Leaders’ Meeting and his first official visit to Thailand.
  • This was the last of the three legs of the Prime Minister’s visit to the Indo-Pacific region where he attended the Association of Southeast Asian Nations (ASEAN) Summit in Phnom Penh, Cambodia and the G20 Summit in Bali, Indonesia. . The Prime Minister is now traveling to Djerba, Tunisia to attend the eighteenth Francophonie Summit.
  • As of 2020, APEC’s 21 member economies produce more than 60% of global economic output, account for 47% of global trade and account for 38% of the world’s population.
  • Foreign direct investment from APEC economies in Canada was $569 billion in 2020. Four of Canada’s top five trading partners are members of APEC: the United States, China, Mexico and Japan.
  • In Bangkok, the Prime Minister held bilateral meetings with the President of Chile, Gabriel Boric, and the President of Thailand, Prayut Chan-o-cha. He also held informal meetings with the Vice President of the United States of America, Kamala Harris, and the Prime Minister of New Zealand, Jacinda Ardern.
  • Following his meeting with Chilean officials, the Prime Minister witnessed the signing of the Canada-Chile Joint Declaration on Investment Treaty Practices, a further step towards Chile’s ratification of the Progressive Agreement and the global framework for the trans-Pacific partnership.
  • The Prime Minister received in the audience Their Majesties the King and Queen of Thailand.
  • She also met with Julia Anderson, executive director of the Canadian Partnership for Women’s and Children’s Health.
  • In Thailand, the Prime Minister also announced a $1.2 million investment to expand the pool of knowledge and data analysis on migrant smuggling in Southeast Asia so that efforts to combat clandestine crossings are targeted and effective.
  • In Thailand, the Prime Minister also met with Canadian Junior Team members to discuss APEC’s participation in the Voices of the Future program and to highlight the importance of youth community engagement, entrepreneurship and leadership.
  • Currently, Thailand is Canada’s second largest trading partner among countries in the ASEAN region.
  • Canada’s direct investment in Thailand reached $134 million in 2021, and Thailand’s official direct investment in Canada reached $72 million.

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