Prime Minister Carney Strengthens Trade and Economic Partnerships with Singapore

SINGAPORE — Prime Minister Mark Carney concluded his visit to Singapore this week, marking another major step in Canada’s renewed engagement across the Indo-Pacific region. During his meetings, Prime Minister Carney and Singaporean Prime Minister Lawrence Wong discussed ways to expand bilateral trade, investment, and defence cooperation, while accelerating negotiations toward a Canada-ASEAN free trade agreement (FTA) targeted for completion in 2026.

Canada’s new government has made economic diversification a cornerstone of its trade policy. With a goal to double non-U.S. exports within the next decade, Carney’s visit underscores the strategic importance of building resilient global partnerships to strengthen Canada’s economic foundation amid shifting geopolitical dynamics.

Expanding trade and investment opportunities

During the bilateral meeting, both leaders reaffirmed their commitment to deepening economic ties across key sectors including energy, technology, and advanced manufacturing. Singapore remains Canada’s largest source of foreign direct investment in Southeast Asia, with investments reaching $7.8 billion in 2024. The two countries also celebrated 60 years of diplomatic relations this year.

Prime Minister Carney met with top business executives and investors to explore new opportunities for Canadian firms to participate in the rapidly growing Indo-Pacific market. He also toured the facilities of PSA International, one of the world’s busiest and most technologically advanced port operators, to discuss collaborative initiatives that could boost Canadian export capacity and infrastructure connectivity.

Thank you, Prime Minister @LawrenceWongST, for the warm welcome to Singapore.⁰⁰The relationship between our nations is strong. By working together to increase our trade, investment, and security, we will create new opportunities for workers and businesses in both our countries. pic.twitter.com/bVXFyZaKy9

— Mark Carney (@MarkJCarney) October 29, 2025

A new era for Canada’s global trade policy

With Budget 2025 focused on driving major investments in Canada’s economy, Prime Minister Carney emphasized that global partnerships like Singapore’s are essential to creating sustainable growth at home.

“A core mission of Budget 2025 is to catalyse unprecedented investments in Canada over the next five years,” said Carney. “Singapore is a rapidly growing, dynamic economy with strong ties to Canada. There are huge opportunities for our workers and businesses here and across the Indo-Pacific region, and we’re going to seize them.”

As part of his broader Indo-Pacific tour, Carney has also met with leaders from Malaysia, Vietnam, and the Philippines to strengthen economic, trade, and security relationships. Collectively, ASEAN nations represent a market of more than 677 million people and a $5 trillion economy — an essential growth frontier for Canada’s long-term prosperity.