Minister Ng launches first Team Canada Trade Mission to the Indo Pacific
February 23, 2022 - Ottawa, Ontario - Global Affairs Canada
Last year, Canada launched its Indo-Pacific Strategy, prioritizing growing our economic ties and business relationships.
This week the Honourable Mary Ng, Minister of International Trade, Export Promotion, Small Business and Economic Development, led the first Team Canada Trade mission to Singapore, with over 175 businesses in attendance.
Team Canada trade missions are a key part of Canada’s Indo-Pacific Strategy, and will create strong and sustainable business ties for businesses on both sides of the Pacific.
As part of this Team Canada Trade Mission, Minister Ng also met with the Quebec Minister of International Relations and Francophonie, Martine Biron, to discuss the coordinated expansion and strengthening of Canada’s presence on the ground in the Indo-Pacific Region.
While in Singapore, Minister Ng attended both the Canada in Asia conference and the Asian Business Leaders Advisory Council (ABLAC), which brought together businesses, investors, thought leaders, Canadian alumni, and post secondary institutions. While in attendance, Minister Ng highlighted Canada’s important international education ties with a range of Indo-Pacific partners.
At a meeting with representatives from Canadian Chambers of Commerce based in the region, Minister Ng announced funding of up to $1 million per year for Canadian chambers to support Canadian business expand, export and grow into the region.
Minister Ng also met with Gan Kim Yong, Singapore Minister of Trade and Industry and Vivian Balakrishnan, Singapore Minister of Foreign Affairs. She spoke with both Ministers about strengthening the economic relationship between Canada and Singapore and increasing trade and investment ties in the region.
In her meeting with Minister Gan, the Ministers agreed to begin a dialogue on cooperation in the green economy, including with the private sector.
Also while in Singapore, Minister Ng had a productive virtual meeting with her Comprehensive and Progressive Agreement for Trans-Pacific Partnership counterparts where they reaffirmed their commitment to upholding the high standards of the agreement, and working on the UK accession process.
“Team Canada Trade Missions will bring Canadian entrepreneurs to the growing and dynamic markets of the Indo Pacific, creating even stronger economic ties between Canada and the region. As part of our Indo Pacific Strategy, we will continue to open up doors for Canadian businesses, strengthening our economies and creating good jobs for people in all our countries. “
- Mary Ng, Minister of International Trade, Export Promotion, Small Business and Economic Development
The Indo-Pacific is Canada’s second-largest regional export market, after the United States, with annual 2-way trade valued at $226 billion
In 2021, Singapore was Canada’s largest destination in Southeast Asia for Canadian direct investment abroad ($13.13 billion) and Canada’s largest source of foreign direct investment ($1.57 billion) from Southeast Asia.
In 2021, bilateral merchandise trade between Canada and Singapore was valued at $2.2 billion. Canada’s merchandise exports were $1.2 billion, led by machinery and equipment, electronic equipment, and scientific and precision instruments.
Canadian merchandise imports from Singapore totaled $1 billion in 2021, led by electronic equipment, scientific and precision instruments, miscellaneous chemical products, and machinery and equipment.
Services trade between the two countries came to $2.97 billion in 2021, with Canadian services exports of $978 million and imports of $2 billion. Sectors offering opportunities for Canadian companies include agrifood, clean technologies, education, information and communications technologies, aerospace, and defence & security.
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