World
India
Canada is seeking to deepen its economic ties with the European Union and uphold global trading rules as the country faces the looming threat of U.S. tariffs, Trade Minister Mary Ng stated on Saturday. The two regions have enjoyed the benefits of a free trade agreement since 2017, which has boosted bilateral trade by 65%. In 2021, they also established a partnership for raw materials.
High-Level Meetings in Europe
Ng held a meeting with Maros Sefcovic, EU Trade Chief, during a lunch in Brussels. A day prior, she met Ngozi Okonjo-Iweala, Director General of the World Trade Organization (WTO) in Geneva, to discuss global trade dynamics.
“Trade agreements are one thing, and we have seen really great numbers, but what more can we be doing to help Canadian businesses enter into any of the 27 member states, and vice versa?” Ng emphasized.
The trade minister highlighted critical minerals and support for small businesses as key focal points in Canada’s partnership with the EU. As the EU seeks to reduce its dependence on China for crucial metals like cobalt, lithium, and nickel, Canada presents itself as a reliable partner.
Diversifying Export Markets
Canada has been working to diversify its exports away from the United States. The country set a target in 2018 to increase non-U.S. exports by 50% by 2025. According to Ng, the nation is on track to meet or exceed this goal.
In recent months, Canada struck trade agreements with Indonesia and Ecuador. Ng is also leading a delegation of over 200 Canadian businesses to Australia, Singapore, and Brunei in the coming week as part of efforts to expand trade relations in the Indo-Pacific region.
Canada faces potential tariffs from the United States, prompting Ottawa to consider retaliatory measures and legal action. While President Donald Trump recently paused the imposition of tariffs for 30 days, Canada is prepared to challenge the United States at the WTO if tariffs are implemented.
“We would consider all the options available to Canada because we believe in a rules-based trading system,” Ng asserted.
Expanding Presence in Southeast Asia
Canada continues to engage with Southeast Asian nations to bolster trade relations. Ng led a delegation to countries including the Philippines, Indonesia, Vietnam, Malaysia, Japan, and South Korea as part of Canada’s strategic trade expansion plan.
Canada’s commitment to global trade stability and its efforts to secure international partnerships underscore its strategy to diversify markets and protect its economy amid ongoing challenges from the United States.
Read More : Lebanon Forms First Government In Over Two Years Amid Economic And Political Challenges
