This week, the Honourable Mary Ng, Minister of Export Promotion, International Trade and Economic Development, participated in the 2023 Asia-Pacific Economic Cooperation (APEC) Annual Ministers' Meeting in San Francisco, California.
While at APEC, Minister Ng highlighted Canada's commitment to deepen its engagement across the Indo-Pacific by continuing to work closely with APEC economies to ensure strong, sustainable, and inclusive growth that creates good jobs and opportunities for businesses on both sides of the Pacific.
During a US-hosted session on economic prosperity and resiliency, Minister Ng underscored the importance of supporting a rules-based multilateral trading system with the WTO at its core. She encouraged APEC partners to work towards ambitious outcomes at the upcoming WTO 13th Ministerial Conference.
Minister Ng also discussed solutions to strengthen resilient global supply chains and build a green and sustainable future during a roundtable with key business leaders from Canada and San Francisco. She advanced discussions on trade and investment to support Canada's economic growth, including finding opportunities for Canadian businesses in key sectors including clean technology, critical minerals, and agricultural exports.
Minister Ng attended a Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) Business Dialogue event where CPTPP members engaged with businesses from CPTPP economies, to get their perspective on the Agreement and ensure it is properly benefitting businesses. She also attended the CPTPP Ministers Breakfast, where members endorsed a Joint Ministerial Statement as well as the Terms of Reference for the CPTPP General Review, a process meant to assess and improve the implementation and effective functioning of the Agreement. As the 2024 CPTPP Commission Chair, Minister Ng took the opportunity to emphasize Canada's commitment to ensuring the Agreement remains the most high-standard and ambitious trading platform in the region by proposing three priorities for the year ahead: ensuring this agreement reaches its full potential; leading with our values; and expanding our geopolitical influence.
On the margins of the APEC meeting, Minister Ng marked the launch of the Indigenous Peoples Economic and Trade Cooperation Arrangement (IPETCA) Partnership Council. The Council will facilitate cooperation among participating economies, with the objective of identifying and removing barriers for Indigenous Peoples' economic empowerment and participation in trade. Minister Ng also co-hosted, with her counterparts from the United States, Australian, New Zealand a panel discussion with Indigenous Peoples focused on improving engagement practices to increase Indigenous trade and economic empowerment in the APEC region and beyond. Both initiatives align with priorities under Canada's Indo-Pacific Strategy and advanced Canada's commitment to reconciliation. Canada will continue working closely with Indigenous Peoples and international partners to help Indigenous businesses start up, scale up, and access new markets around the world.
In a series of bilateral meetings, Minister Ng spoke with Nguyen Hong Dien, Vietnam's Minister of Industry and Trade, Juan Carlos Mathews, Peru's Minister of Foreign Trade and Tourism, Tengku Zafrul Aziz, Malaysia's Minister of Investment, Trade and Industry, Senator Don Farrell, Australia's Minister for Trade, Tourism and Investment, Zulkifli Hasan, Indonesia's Minister of Trade, and John Deng, Chinese Taipei's Minister without Portfolio in charge of the Office of Trade Negotiations to advance collaboration on trade and investment.
Minister Ng wrapped up the week by participating in the APEC Leaders Summit alongside Prime Minister Justin Trudeau.
Quotes
"The Asia-Pacific Economic Cooperation (APEC) meetings advanced collaboration on new opportunities for our workers and businesses that drive economic growth for Canada's middle class. As Canada implements our Indo-Pacific Strategy, this meeting allows us to build on priorities such as strengthening resilient supply chains, growing sustainable and inclusive economies, and delivering the green solutions of the future."
- 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 Asia-Pacific region to promote free, fair, and open trade and investment and advance inclusive and sustainable growth.
- The 21 APEC member economies account for nearly 40 per cent of the world's population, around half of global merchandise trade, and approximately 60 per cent of global GDP.
- In 2022, fellow APEC economies were the destination for more than 88 per cent of Canada's merchandise exports. Four of Canada's top five merchandise trading partners are APEC economies.
- In 2022, foreign investment from APEC economies in Canada was $701 billion.
- In 2022, two-way merchandise trade between Canada and the United States of America totaled $963.5 billion.
- IPETCA is a cooperation-based arrangement that acknowledges the importance of enhancing the ability of Indigenous peoples and Indigenous businesses to benefit from the opportunities created by international trade and investment.
