Carney said on Oct 22 that Canada intends to double its non-US exports by 2035, which would generate US$214.4 billion more in trade. Therefore, Canada is looking to conclude a Comprehensive Free Trade Agreement with Asean by next year.
“I have met with Malaysian prime minister Anwar Ibrahim, who is the chairman of Asean 2025, as well as Philippine president Ferdinand Marcos Jr, who will be the chairman next year … and we will pursue a series of bilateral free trade agreements and accelerate them.
“Our strategy is to broaden and deepen ties with partners who believe in rules-based trade, who are complementary to us, and who share the same values,” he said during the Asean Business and Investment Summit panel session today.
Canada and Asean have completed six rounds of negotiations, with the aim of concluding the agreement by 2025.
Elaborating on the partnership, Carney said Canada is looking to work closely with Asean particularly in energy, nuclear modular reactors, defence and investments.
“We are an energy superpower with the third-largest oil reserves and the fourth-largest reserves of liquefied natural gas (LNG), and we aim to double LNG production by 2040.
“We also have one of the largest reserves of critical minerals and are among the major centres of mining finance in the world. So, with resources, mining finance and strong sustainable development standards, it is a natural partnership with many Asean countries, who have their own reserves and potential,” he added.
Carney emphasised that the partnership is timely, as both Canada and Asean have been calling for the need for diversification.
He is currently undertaking a working visit to Malaysia from Oct 25 to Oct 28 , which marks his first visit to Malaysia since taking office in March 2025.
Anwar and Carney are expected to hold a bilateral meeting tomorrow and discussions are anticipated to focus on strengthening Malaysia-Canada relations, charting new directions for future collaboration, and exploring opportunities in trade and investment, halal cooperation, energy cooperation, cybersecurity, and people-to-people connectivity.
In 2024, total trade between Malaysia and Canada amounted to RM11.32 billion, marking an increase of 33.6% from the previous year.
This positive momentum continued into the first quarter of 2025, with total trade reaching RM3.26 billion, a 38.7% increase compared with the same period in 2024.