Minister Ng strengthens economic ties at Asia-Pacific Economic Cooperation Ministerial Meeting in Lima, Peru

News release

November 18, 2024 - Ottawa, Ontario - Global Affairs Canada

This week, the Honourable Mary Ng, Minister of Export Promotion, International Trade and Economic Development, participated in the annual Asia-Pacific Economic Cooperation (APEC) Ministerial Meeting and the APEC Economic Leaders’ Meeting alongside Prime Minister Justin Trudeau, in Lima, Peru.

At APEC, the Prime Minister announced the substantive conclusion of negotiations for a Canada-Indonesia comprehensive economic partnership agreement. The agreement will be a milestone in the Canada-Indonesia relationship and will create jobs for Canadians, attract investment into Canada and open new markets for Canadian businesses. The Prime Minister also announced Canada’s vision to strengthen partnerships, including in the nuclear sector, in the Indo-Pacific region through the Canadian Trade Gateway in Southeast Asia. Part of Canada’s Indo-Pacific Strategy, the gateway will help Canadian businesses grow their presence in the region and strengthen commercial ties between Canada and Indo-Pacific economies.

At the APEC Ministerial Meeting, Minister Ng emphasized Canada’s commitment to working with APEC partners toward strong, sustainable and inclusive growth that benefits Canadians and people across the Indo-Pacific. She also highlighted the increasingly important role of innovation and digital technologies in transitioning to a formal and global economy. Minister Ng reiterated Canada’s support for a rules-based multilateral trading system and underscored Canada’s efforts toward a reformed and modernized WTO.

On the margins of the meeting, Minister Ng met with representatives of Indigenous groups in Peru and of Canadian and Peruvian businesses to discuss key trade issues, including economic empowerment, job creation for Canadians and sustainable growth. The Minister underscored the importance of the Canada-Peru Free Trade Agreement (CPFTA), which has enabled bilateral trade to expand considerably since its establishment in 2009.

In a series of bilateral meetings, Minister Ng spoke with Katherine Tai, United States Trade Representative; Úrsula León, Peru’s Minister of Foreign Trade and Tourism; Budi Santoso, Indonesia’s Minister of Trade; Muto Yoji, Japan’s Minister of Economy, Trade and Industry; Wentao Wang, China’s Minister of Commerce; and Pichai Naripthaphan, Thailand’s Minister of Commerce.

Minister Ng concluded her visit to Peru at the APEC Economic Leaders’ Meeting, at which Canada announced it will host the APEC Business Advisory Council meeting in 2025.

Quotes

“Canada is committed to cooperating with APEC partners on priorities such as inclusive trade and sustainable growth. As Canada strengthens its relationships in the Indo-Pacific, the APEC Ministerial Meeting provides an important platform to advance opportunities for our workers and businesses that drive economic growth for Canada’s middle class.”

- Mary Ng, Minister of Export Promotion, International Trade and Economic Development

Quick facts

  • Canada is a founding member of APEC. Since its establishment in 1989, APEC has become the pre-eminent economic forum in the Asia-Pacific region.

  • APEC is a leading platform for Canada to advance economic policies in the region to promote free, fair and open trade and investment, as well as to advance inclusive and sustainable growth.

  • The 21 APEC member economies account for nearly 40% of the world’s population, around half of the global merchandise trade and about 60% of global GDP.

  • In 2023, fellow APEC economies were the destination for more than 88% of Canada’s merchandise exports. Four of Canada’s top 5 merchandise trading partners are APEC economies.

  • In 2023, foreign investment in Canada from APEC economies was valued at $866 billion.

  • Canada and Peru enjoy a strong trade relationship. This is reflected in the growth in bilateral merchandise exports, robust Canadian investment in Peru and a dynamic partnership focused on democracy, human rights, trade, environmental sustainability and development.

  • This year, Canada and Peru mark 80 years of bilateral relations and the 15th anniversary of the CPFTA. Since the inception of the CPFTA, Canadian investment in Peru has grown sevenfold and merchandise exports from Canada to Peru have doubled. In 2023, bilateral merchandise trade between Canada and Peru was valued at $6.1 billion, and Peru was the third-largest destination for Canadian direct investment in South and Central America, which amounted to over $14 billion.

Associated links

Contacts

Huzaif Qaisar
Press Secretary
Office of the Minister of Export Promotion, International Trade and Economic Development
343-575-8816
Huzaif.Qaisar@international.gc.ca

Media Relations Office 
Global Affairs Canada 
media@international.gc.ca 
Follow us on X (Twitter): @CanadaTrade 
Like us on Facebook: Canada’s international trade - Global Affairs Canada

Page details

Date modified: