Canada Expands Trade Ties at APEC Summit in Peru

November 17, 2024 Alwin Marshall-Squire 0 Comments 2 min read

Lima, Peru – Prime Minister Justin Trudeau concluded his participation in the Asia-Pacific Economic Cooperation (APEC) Economic Leaders’ Meeting Saturday, highlighting Canada’s commitment to fostering economic growth, job creation, and global partnerships. The summit, held in Lima, Peru, brought together leaders from 21 economies representing over 60% of global GDP and 84% of Canada’s trade.

During the meeting, Prime Minister Trudeau announced the substantive conclusion of negotiations for a Canada-Indonesia Comprehensive Economic Partnership Agreement (CEPA). This milestone agreement aims to strengthen economic ties between the two nations by creating well-paying jobs, attracting investments to Canada, and opening new markets for Canadian businesses, entrepreneurs, and farmers. With Indonesia being Southeast Asia’s largest economy and the world’s fourth most populous country, the partnership underscores its strategic importance to Canada’s trade agenda.

Trudeau and Indonesia’s President, Prabowo Subianto, committed to signing the agreement within the next year. They emphasized the CEPA’s potential to advance shared priorities, including increased cooperation on critical minerals and initiatives to integrate more women into the workforce.

Team Canada came to #APECPeru2024 to sell Canadian businesses to the world.

We’ve landed a new trade deal, opening up new markets for Canadian producers and exporters at home. pic.twitter.com/BLX5eregPF

— Justin Trudeau (@JustinTrudeau) November 18, 2024

The Prime Minister also announced Canada’s Indo-Pacific Trade Gateway, a part of Canada’s Indo-Pacific Strategy. This initiative seeks to enhance Canada’s presence in the nuclear sector across the Indo-Pacific region, which has growing demand for nuclear energy, medical advancements, and agricultural innovations. By leveraging Canadian expertise, the Gateway will create new opportunities for Canadian companies, boost energy security, and support the global clean energy transition.

As part of Canada’s broader commitment to the Indo-Pacific, Trudeau unveiled over $35 million in targeted investments, including:

$2 million to support trade and investment growth across the APEC region, focusing on small businesses and women’s economic participation.
$1.8 million to improve conditions for Venezuelan refugees and farm workers in Peru.
$9.2 million for climate disaster preparedness in the Peruvian Andes.
$3.9 million for cybersecurity initiatives led by the BlackBerry Cybersecurity Centre of Excellence.
$18 million to advance gender equality and reproductive health in Peru.
$200,000 to improve access to justice for Indigenous and Afro-Peruvian communities.

Trudeau’s participation in APEC also included discussions on global conflicts in Ukraine, Haiti, and the Middle East. He reaffirmed Canada’s dedication to promoting peace, security, and democracy worldwide.

“Canada is a Pacific country, and the Asia-Pacific region represents an extraordinary economic opportunity for our businesses, workers, and farmers,” said Trudeau.

The Prime Minister endorsed APEC’s Leaders’ Declaration, which outlines a shared commitment to advancing economic growth, the clean energy transition, and food security. He emphasized Canada’s continued efforts to build strong partnerships and deliver tangible benefits to Canadians.

As Canada prepares for its G7 presidency in 2025, the initiatives announced at APEC underscore the government’s focus on strengthening the economy, creating jobs, and positioning Canadian businesses at the forefront of global opportunities.