Minister Ng kicks-off the 2024 Team Canada Trade Missions in Malaysia and Vietnam

From: Global Affairs Canada

News release

March 22, 2024 – Ottawa, Ontario - Global Affairs Canada

As part of Canada’s Indo-Pacific Strategy, the Honourable Mary Ng, Minister of Export Promotion, International Trade and Economic Development, will lead a Team Canada Trade Mission to Malaysia and Vietnam, from March 24 to 29.

During the mission, Minister Ng will be joined by a group of more than 135 Canadian businesses and organizations as they explore export opportunities in the Indo-Pacific region. This includes taking advantage of the benefits offered through the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), such as setting up businesses for international success and providing resources to grow markets in the Indo-Pacific. Canadian businesses will also make meaningful connections with potential business partners and clients in Malaysia and Vietnam.

Throughout the week, Minister Ng will visit important local Malaysian and Vietnamese businesses. She will also meet with her international counterparts to advance more sustainable and inclusive trade for all. 

Quotes

“Building on the success of the Team Canada Trade Mission to Japan, I look forward to leading another diverse group of Canadian businesses and organizations as we launch the 2024 Team Canada Trade Missions in Malaysia and Vietnam. As the first Team Canada Trade Mission to the ASEAN region, Canadian exporters and innovators will be able to make new connections and help form deeper connections to the ASEAN economy.”

- Mary Ng, Minister of Export Promotion, International Trade and Economic Development

Quick facts

  • The Indo-Pacific is Canada’s second-largest regional export market, after the United States, with annual 2-way merchandise trade valued at $257 billion in 2023.

  • Launched in November 2022, Canada’s Indo-Pacific Strategy creates opportunities to expand trade and investment, grow good jobs and build supply chain resilience.

  • Malaysia is one of Canada’s largest bilateral merchandise trading partners in the Association of Southeast Asian Nations (ASEAN) region. 

  • As of November 29, 2022, bilateral commercial exchanges between Malaysia and Canada are bolstered by the entry into force of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

  • Total Canada-Malaysia bilateral merchandise trade in 2022 (when CPTPP was implemented in Malaysia) was $5.8B, an impressive increase of 18.4% compared to 2021.

  • Vietnam is Canada’s largest trading partner in the ASEAN region and the CPTPP has been in force in Vietnam since January 2019.

  • Bilateral trade in merchandise between Canada and Vietnam has risen to $14.0 billion, up from $13.8 billion in 2022, largely supported by the benefits of the CPTPP. 

  • Malaysia and Vietnam are significant economic partners that plays an important role in advancing Canada’s trade diversification efforts in the region. 

  • The CPTPP's inception significantly boosted bilateral trade between Canada and Vietnam from $6.5 billion in 2018 to $14.0 billion CAD in 2023.  

Associated links

Contacts

Huzaif Qaisar
Press Secretary
Office of the Minister of Export Promotion, International Trade and Economic Development
343-575-8816
Huzaif.Qaisar@international.gc.ca

Media Relations Office
Global Affairs Canada
media@international.gc.ca
Follow us on Twitter: @CanadaTrade
Like us on Facebook: Canada’s international trade - Global Affairs Canada

Page details

Date modified: