Canada expands Asia-Pacific Economic Cooperation (APEC) agreement

Canada is a founding member of Asia-Pacific Economic Cooperation APEC

As the world continues to address the health and economic challenges of COVID-19, it is more important than ever that Canada works with its international partners to find solutions and sustain economic growth. As a founding member of Asia-Pacific Economic Cooperation (APEC), Canada needs to remain focused on the emerging Asian markets and position itself for early market capitalization.

Yesterday evening, the Honourable Mary Ng, Minister of Small Business, Export Promotion and International Trade, participated in the first-ever virtual APEC trade ministers meeting to discuss strengthening rules-based trade and upholding stable and predictable global supply chains.

During the meeting, Minister Ng announced Canada’s intention to move forward with Phase II of the APEC-Canada Growing Business Partnership.

This partnership, which began in 2016, has helped innovative entrepreneurs start up and scale up their businesses and access resources and connections in the Asia-Pacific region with a focus on sustainable development. Phase II will help small businesses by reducing barriers to trade, giving back to their communities, and building economies that work for everyone—including women.

“Canada’s strong ongoing partnership with APEC economies ensures that we work together to keep trade open and predictable and to minimize the disruptions to global supply chains as our economies recover from the COVID-19 pandemic. It’s encouraging to see strong support in the Asia-Pacific region for an inclusive and rules-based international trading system that strengthens the global economy for the benefit of everyone.” – Mary Ng, Minister of Small Business, Export Promotion and International Trade

Minister Ng and her Asia-Pacific counterparts also signed onto a joint statement reaffirming their commitment to work together toward a path of inclusive, sustainable, and quick economic recovery for citizens and small businesses amid the global pandemic.

This meeting builds on the recent ministerial APEC joint statement on COVID-19 that highlighted Canada and its APEC partners’ unwavering commitment to collaborate on mitigating the health and economic impacts of the pandemic.

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