International Trade Minister concluded successful visits to Singapore and Hong Kong to pursue investment opportunities and expand access to new markets for Canadians

April 3, 2018 - Ottawa, Ontario - Global Affairs Canada

Canada’s ambitious trade and investment agenda aims to promote Canada to the world’s investors as a place with a diverse, skilled and highly educated workforce, with a focus on innovation.

The Honourable François-Philippe Champagne, Minister of International Trade, travelled to Singapore from March 22 to 24, 2018, to promote Canada and Singapore’s growing bilateral trade and investment relationship, advance discussions with key partners in the Association of Southeast Asian Nations (ASEAN) and attend the Canada-ASEAN Business Council (CABC) Forum. The Minister then travelled to Hong Kong to meet with business leaders and key influencers in the region.

While in Singapore, the Minister met his counterpart and other senior representatives of the Singapore government. He also delivered the keynote address at the CABC Forum, attended key sessions of the 2018 Annual Meeting of the Trilateral Commission, engaged with stakeholders from financial institutions and the infrastructure sector, and participated in a round-table discussion with women in business. He also focused on promoting export opportunities for Canada’s steel and aluminum industries. Canada and Singapore are part of the recently signed Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and continue to work together to bolster trade and investment opportunities.

While in Hong Kong, the Minister promoted Canadian investment opportunities with business leaders, participated in a round-table discussion with Chinese trade experts and met with the Secretary for Commerce and Economic Development. Canada has strong people-to-people and business connections with Hong Kong—a gateway city to and from mainland China that plays a key trade and investment role in the Asia-Pacific region.

Canada continues to ramp up its engagement across the entire Asia-Pacific region. Increased trade and investment, like that facilitated by the new CPTPP, or through ASEAN, with whom Canada is engaged in trade talks, presents enormous opportunity for more Canadians to diversify markets, creating more jobs for the middle class as a result.

Quotes

“There has never been a better time for Canada, as a Pacific nation, to diversify and expand its trade and investment, which creates good middle-class jobs for Canadians and opens the doors to markets for Canadian businesses in the dynamic Asia-Pacific region.”

- François-Philippe Champagne, Minister of International Trade

Quick facts

  • Singapore is Canada’s largest source of foreign direct investment in ASEAN, with investments valued at $194 million in 2016.
  • ASEAN’s member states include Indonesia, Malaysia, the Philippines, Singapore, Thailand, Brunei, Vietnam, Myanmar, Laos and Cambodia.
  • As a group, ASEAN ranks as Canada’s sixth-largest trading partner.
  • In 2017, bilateral merchandise trade between Canada and ASEAN nations was $23.3 billion, with bilateral service trade reaching $4.5 billion in 2016.
  • Canada and Hong Kong bilateral merchandise trade was $2.6 billion in 2017. Hong Kong is Canada’s third-largest (single economy) trading partner for services, with bilateral service trade valued at $6.1 billion in 2016.
  • On March 8, 2018, Canada and 10 other countries—including four ASEAN members—signed the CPTPP in Santiago, Chile.

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