Minister Ng strengthens Canada’s presence in the Indo-Pacific at the sixth meeting of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership Commission
October 8, 2022 - Ottawa, Ontario - Global Affairs Canada
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.
“Our government is ensuring that more Canadian companies can benefit from the CPTPP’s unparalleled access to 500 million customers. Deepening our economic relationship with these economies will help create more good middle-class jobs and benefit Canadian businesses across the country. We have an ambitious trade agenda, and Canadian businesses and workers are at the centre of it.”
- Mary Ng, Minister of International Trade, Export Promotion, Small Business and Economic Development
The CPTPP is an ambitious and high-standard free trade agreement covering virtually all aspects of trade and investment. The CPTPP signatories are Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam.
In the first 3 years after the CPTPP entered into force, total merchandise trade between Canada and Australia, Japan, New Zealand, Singapore and Vietnam (the 5 CPTPP signatories that have ratified the agreement and that do not have other trade agreements with Canada) grew almost 10%—from $47.3 billion in 2018 to $52.1 billion in 2021.
Total exports from Canada to these 5 CPTPP markets grew 8.3% between 2018 and 2021, outpacing the growth of Canada’s exports to the rest of the world over the same period.
The CPTPP Commission was established after the agreement entered into force and is led by a minister or senior official from each of the CPTPP members.
The commission oversees the implementation of the CPTPP and its potential expansion of the Agreement to include new members.
CPTPP members’ agreement by consensus to undertake an accession process with the United Kingdom was the first such in the agreement’s history.
Office of the Minister of International Trade, Export Promotion, Small Business and Economic Development
Media Relations Office
Global Affairs Canada
Follow us on Twitter: @CanadaTrade
Like us on Facebook: Canada’s international trade - Global Affairs Canada
Report a problem or mistake on this page
- Date modified: