Growing Canada’s trade and investment relationship with partners in the Asia-Pacific region drives economic prosperity and creates good middle-class jobs—a top priority for the Government of Canada. Chile is a strong bilateral partner and Canada supports its ratification process for the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), so that Canadians and Chileans alike can take advantage of the new opportunities the Agreement has to offer.
The Honourable Jim Carr, Minister of International Trade Diversification, concluded a three-day trip to Chile, participating at the Asia-Pacific Economic Cooperation Ministers Responsible for Trade (APEC MRT) meeting in Viña del Mar. Minister Carr held a series of bilateral meetings with counterparts to advance Canada’s trade diversification interests and promote jobs for the Canadian middle class. He also reaffirmed Canada’s leading role on WTO reform and Canada’s commitment to more free and open trade in the Asia-Pacific region.
At the APEC MRT, Minister Carr announced that Canada will host the third 2020 APEC Business Advisory Council meeting in Vancouver. This event will allow Canadian business to engage with businesses leaders from across the Asia-Pacific region, highlighting Canada’s commitment to trade diversification and enhancing investment and innovation partnerships.
While in Chile, Minister Carr also met with canola sector companies to present Canada’s plan to grow its position as the trusted supplier of high-quality canola products to the world. He also met with the Canada-Chile Chamber of Commerce to promote bilateral and regional opportunities more broadly that will support Canadian businesses and create jobs for the middle class.
On the margins of the APEC MRT, New Zealand, Chile and Canada, members of the Inclusive Trade Action Group, released a joint statement highlighting the group’s collective commitment to ensure that all segments of society take advantage of the opportunities that flow from trade and investment. In addition, Minister Carr welcomed the recent implementation of a Trade and Gender Chapter in the modernized Canada-Chile Free Trade Agreement.
Canada has strong trade ties with economies in the Asia-Pacific region and we continue to seek more free trade opportunities to help Canadian businesses grow, and reach new markets abroad, to create new jobs at home.
Quotes
“Canada’s strong partnership with Chile presents growing opportunities for Canadian businesses and farmers, which will only increase when Chile ratifies our new trade deal with Asia and Pacific countries. We welcome Chile’s support of our common efforts to maintain an effective, inclusive and rules-based international trading system that strengthens the global economy for the benefit of everyone.”
– Jim Carr, Minister of International Trade Diversification
Quick facts
- The Asia-Pacific Economic Cooperation (APEC) forum was established in 1989 and has become the preeminent economic forum in the Asia-Pacific region. Canada is a founding member of APEC and this meeting provides Canada with an opportunity to further strengthen trade and economic ties with some of the Asia-Pacific region’s most dynamic economies.
- Merchandise trade between Canada and Chile has nearly quadrupled since the Canada-Chile Free Trade Agreement entered into force, reaching more than $2.9 billion in 2017.
- In June 2017, Canada became the first G20 country to adopt a gender chapter within a trade agreement when it modernized its free trade agreement with Chile.
- Canada is the third largest foreign investor in Chile and Chile is the top destination for Canadian investment in Latin America. Chile is the third largest destination for Canadian mining investment worldwide after the US and Mexico with over 70 active Canadian companies active in Chile’s mining industry, Canadian firms are also active in the infrastructure, services (including financial), and chemicals sectors.