Minister Ng strengthens Canada’s trade relationship with Singapore during Singaporean minister’s visit
News release
May 3, 2024 - Ottawa, Ontario - Global Affairs Canada
Yesterday, the Honourable Mary Ng, Minister of Export Promotion, International Trade and Economic Development, welcomed Gan Kim Yong, Minister for Trade and Industry of Singapore, to Ottawa.
In a bilateral meeting, Minister Ng highlighted the importance of Singapore as a key partner under Canada’s Indo-Pacific Strategy. The ministers discussed key trade policy issues, including free trade agreement negotiations between Canada and the Association of Southeast Asian Nations, as well as Canada’s priorities as chair of the 2024 Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) Commission. These priorities are:
- promoting progressive stewardship of the Agreement
- increasing the utilization of the Agreement, including by traditionally underrepresented groups in CPTPP member economies
- developing a path forward for welcoming additional economies to the Agreement
As part of the two countries’ efforts to expand commercial ties, the ministers issued a joint statement on science, technology and innovation (ST&I) collaboration. The joint statement, a testament to enhanced ST&I cooperation, will facilitate partnerships between Canadian and Singaporean companies, by supporting research and development activities in strategic sectors. The ministers also agreed to work together through a framework for green economy cooperation, in particular in the areas of green and low carbon technologies, carbon pricing and carbon markets, trade and green economy initiatives, and green and transition financing. This will help build an innovative, clean, and prosperous future for all.
During an Invest in Canada round-table discussion, the ministers met with the business community. They spoke about how to expand investment ties in the two countries to create more good middle-class jobs and further prosperity. Minister Ng championed Canada as a great place in which to invest, highlighting its competitive advantages, notably its talented and diverse workforce.
The visit ended with an evening reception celebrating Asian Heritage Month in Canada. The event also gave people from the business and academic communities a chance to meet, and it helped to strengthen Canada and Singapore’s people-to-people ties.
Quotes
“It was a pleasure reciprocating the wonderful hospitality I have always received during my visits to Singapore. Welcoming Minister Gan to Ottawa has been a great opportunity to continue our two countries’ discussions on green economy cooperation; build on our dynamic economic partnership; position Canada as an attractive investment destination; and create good jobs for both our countries.”
- Mary Ng, Minister of Export Promotion, International Trade and Economic Development
Quick facts
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In 2023, Canada’s merchandise exports to Singapore were valued at $1.73 billion, up 12.9% from 2022, driven by the machinery and equipment, electronics, and scientific and precision instruments.
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Canadian merchandise imports from Singapore were valued at $1.44 billion, with the electronics, scientific and precision instruments, and pharmaceutical sectors in the lead.
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In 2023, the value of Canadian direct investment in Singapore was $18.0 billion, and Canada received $9.0 billion in foreign direct investment from Singapore.
Associated links
- Canada’s Indo-Pacific Strategy
- Canada and the Association of Southeast Asian Nations (ASEAN)
- Canada-ASEAN Free Trade Agreement
- Association of Southeast Asian Nations
- Canada-Singapore trade relations
- Doing business in Singapore
- Comprehensive and Progressive Agreement for Trans-Pacific Partnership
- Joint statement by Canada and Singapore on bilateral cooperation in science, technology and innovation
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
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