The Government of Canada is committed to diversifying trade and investment with key markets around the world, including the dynamic and fast-growing Indo-Pacific region.
Today, the Honourable Mary Ng, Minister of International Trade, Export Promotion, Small Business and Economic Development, concluded her successful participation in the sixth meeting of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) Commission hosted by Singapore.
Minister Ng highlighted the benefits the CPTPP is already providing to Canadian businesses, farmers, exporters, and workers. Canadian exports to markets newly opened by the CPTPP increased by over 8% in the first 3 years after the agreement came into force in 2018.
The Minister and her CPTPP counterparts reviewed the progress members have undertaken to implement and eventually expand the high-standards agreement. This is with the goal of increasing businesses' access to new market opportunities, advancing e-commerce and green initiatives for economic growth, maximising trade benefits for women and Indigenous-owned businesses, and strengthening supply chains.
Minister Ng underscored that it is more important than ever to support broad economic integration and rules-based trade as economies continue to recover from the impacts of the COVID-19 pandemic and when Russia's illegal and unjustifiable invasion of Ukraine threatens global security, destabilizing food and energy markets.
During her time in Singapore, Minister Ng also met with her counterparts from the CPTPP economies, including Australia, Chile, Japan, New Zealand, Singapore, and Vietnam, to discuss ongoing and potential areas of bilateral cooperation. She also congratulated Malaysia on its recent ratification of the CPTPP. Canada looks forward to maximizing the benefits of the agreement for Canadian companies looking to expand in the Indo-Pacific markets and beyond.
Lastly, Minister Ng participated in a business engagement round table to discuss areas of interest and potential collaboration between the private and public sectors of Singapore and Canada.
