Carney Accelerates Trade Diversification Strategy Amid Stalled Canada-U.S. Negotiations
As Canada-U.S. trade talks intensify, the federal government is pushing ahead with efforts to diversify Canada’s trading relationships and attract foreign investment, with a series of international meetings and trade initiatives planned in the coming weeks, and several others that have already happened.
This week, Canada and the United Arab Emirates launched a new strategic partnership.
“A comprehensive economic partnership has been negotiated in 47 days, a new record that we will use to challenge at least the Canadian system,” Prime Minister Mark Carney said.
The announcement is the latest step in the government’s push to expand Canada’s economic relationships beyond the United States.
Carney’s diplomatic agenda has been moving quickly.
Here’s a snapshot:
- Oct. 21-24: Prime Minister Mark Carney’s visit to Turkiye
- Oct. 26-27: Visit to Ottawa by the Crown Prince of Abu Shabi
- Oct. 29-30: European Union leaders in Montreal for Canada-EU Summit
- Nov. 2-4: Prime Minister Mark Carney’s visit to Antigua and Barbuda
- Nov. 16-18: ASEAN Summit is being held in the Philippines. Prime Minister Mark Carney is expected to attend.
- Nov. 18-19: APEC Summit is being held in China. Prime Minister Mark Carney is expected to attend.
- Dec. 11-12: India’s prime minister will visit Canada
- Speaking with CTV Question Period host Vassy Kapelos last week, India’s high commissioner to Canada,
- Dinesh K. Patnaik, suggested a trade agreement between the two countries could be finalized before Prime
- Minister Narendra Modi visits in December.
“We have got most of it worked out. A few nicks here and there. Some legal scrubbing. But I’m extremely confident that we will be able to achieve (a deal) much before the prime minister’s visit,” Patnaik said.
However, the Opposition Conservatives argue the government still needs to deliver on its promises.
Conservative Leader Pierre Poilievre took aim at the government’s emphasis on international summits and signing ceremonies, saying Canadians are still waiting for tangible results.
“Someday over the rainbow, if we just follow it, we might get to a pot of gold,” Poilievre said in the House of Commons, criticizing what he described as repeated announcements and photo opportunities.
International trade expert Stuart Trew also questioned whether the government’s approach risks prioritizing the number of agreements pursued over their substance.
“There’s an angle to this trade agenda that to me just looks a bit like free trade bingo, like it kind of looks like they’re just hitting a piece of paper and figuring out who wants to sign a trade agreement with us,” Trew said.
Carney has set a goal of attracting $1 trillion in investment over the next five years. The federal budget, which will be unveiled Tuesday, is expected to include measures intended to help the government reach that target.
While the government pursues new trade partnerships, a breakthrough in Canada-U.S. trade talks has yet to take shape.
This article was first reported by CTV News
