Prime Minister Mark Carney wrapped up his visit to Singapore on October 29, 2025, marking a significant step in his government’s push to diversify Canada’s trade and investment relationships beyond the United States.
Carney met with Singapore’s Prime Minister Lawrence Wong to advance discussions on a Canada–ASEAN free trade agreement set for completion in 2026. The pact is expected to open new markets across the Indo-Pacific, creating greater opportunities for Canadian industries in energy, defence, technology, and manufacturing.
Singapore remains a major player in Canada’s economic strategy. It is Canada’s largest source of foreign direct investment from Southeast Asia, with $7.8 billion invested in 2024. Carney’s visit included meetings with leading investors and executives to attract further capital to Canadian projects.
At PSA International — one of the world’s busiest port operators and a significant investor in Canadian terminals — Carney explored new ways to boost Canada’s export capacity. The Prime Minister emphasized that his government’s economic plan focuses on strengthening the foundations Canada can control: skilled workers, competitive industries, and broad, resilient international partnerships.
Carney described the government’s 2025 budget as a catalyst for “unprecedented investments in Canada,” positioning the nation to capture new opportunities in high-growth regions like Singapore and the broader Indo-Pacific.
Canada and Singapore mark 60 years of diplomatic relations this year, underscoring a partnership built on mutual trade and innovation. In 2024, bilateral services trade reached $4.6 billion, while merchandise trade totalled $3.7 billion. Canada’s major exports include energy, aerospace, electronics, and advanced instruments, with growing prospects in nuclear technology, agri-food, and critical minerals.
As global markets shift, Carney’s strategy is clear — reduce overreliance on a single partner and expand Canada’s economic footprint through smart, forward-looking trade deals and global investment.
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