Prime Minister Carney advances new trade, economic, and defence partnerships with Indo-Pacific nations
November 1, 2025
Gyeongju, Republic of Korea
The world is more dangerous and divided. The scale and speed of recent trade shifts and technological developments mean that Canada’s economic strategy must change dramatically. Canada’s new government is focused on transforming our economy from one that is reliant on a single trade partner to one that is stronger, more diversified, and more resilient to global shocks.
Today, the Prime Minister, Mark Carney, concluded his first official visit to the Republic of Korea. He attended the Asia-Pacific Economic Cooperation (APEC) Economic Leaders’ Meeting in Gyeongju and met with leaders and investors to strengthen Canada’s trade, defence, and energy partnerships. The Prime Minister also announced that Canada has offered to host APEC in 2029.
APEC economies account for over 60% of global GDP and nearly half of all global trade – an invaluable network for Canada. As we pursue our ambitious new mission to double our non-U.S. exports in the next decade, Canada’s new government is focused on working with partners across the Indo-Pacific to unlock new opportunities for Canadian workers and businesses.
To these ends, Prime Minister Carney and Korean President Lee Jae Myung announced the new Canada-Republic of Korea Security and Defence Cooperation Partnership – the first of its kind for Canada in the Indo-Pacific – deepening cooperation on security, defence, industry, and emerging domains such as cyber, space, and hybrid threats. They also announced the conclusion of negotiations on the General Security of Information Agreement, enabling more effective collaboration on information sharing, procurement, industrial security, and research. Prime Minister Carney also announced a Team Canada Trade Mission to Korea in 2026.
In Gyeongju, the Prime Minister met with the leaders of Australia, Chile, China, Japan, New Zealand, Singapore, and Thailand. Along with Prime Minister Charnvirakul, Prime Minister Carney announced the initiation of free trade negotiations between Canada and Thailand – a major step toward unlocking new opportunities for Canadian exporters. With President Boric, Canada and Chile signed the renewed Canada-Chile Strategic Partnership Framework, strengthening cooperation in critical minerals, clean energy, wildfire management, and digital technologies.
The Prime Minister joined the President of the People’s Republic of China, Xi Jinping, for their first official meeting, with the two leaders agreeing to renew the Canada-China relationship in a pragmatic and constructive way. To that end, the leaders directed their officials to quickly resolve outstanding trade issues and discussed solutions to respective sensitivities regarding agriculture and agri-food products, such as canola, as well as seafood and electric vehicles. They also discussed pathways for deeper cooperation in clean and conventional energy, agriculture, manufacturing, climate change, and international finance. President Xi invited Prime Minister Carney to visit China at a mutually convenient time to continue advancing progress on these priorities.
On the margins of APEC, Prime Minister Carney also met with Korean business leaders to catalyse investment and outlined Canada’s global leadership in artificial intelligence, quantum computing, critical minerals, and clean and conventional energy. He underscored the opportunities that Canada’s major infrastructure projects will offer to investors, emphasising the federal government’s actions to fast-track these projects and create greater certainty for investors.
While in Korea, the Prime Minister also visited the Hanwha Ocean Shipyard on Geoje Island, a finalist for the Canadian Patrol Submarine Project, following his visit to the other finalist – ThyssenKrupp Marine Systems (TKMS) – in Kiel, Germany, in August.
Following Prime Minister Carney’s engagements in Malaysia and Singapore, this visit concludes his first official trip to the Indo-Pacific region. In a world of rapid change, Canada’s new government is focused on what we can control. We are growing a stronger economy – one that is built on the solid foundation of thriving Canadian workers, strong Canadian industries, and bolstered by diverse international partners.
Quote
“The world is changing fast, and Canada must bet big – on our people, our ideas, and our future. That means making bold, generational investments here at home and forging new partnerships abroad. The Indo-Pacific presents enormous opportunities for Canadian workers and businesses. Canada is ready to seize these opportunities and play to win.”
— The Rt. Hon. Mark Carney, Prime Minister of Canada
Quick facts
- This was Prime Minister Carney’s first official visit to the Indo-Pacific region, including to Korea.
- In Gyeongju, Canada and Korea announced their intent to sign an audiovisual coproduction agreement to strengthen collaboration on film, television, video, and digital projects.
- APEC brings together 21 member economies that account for over 60% of global GDP and 84% of Canada’s trade. Home to four of Canada’s top five trading partners, APEC remains a key driver of Canada’s merchandise trade and economic growth.
- The Indo-Pacific region is Canada’s second-largest trading partner, with over $260 billion in two-way merchandise trade. Yet it still represents only 10% of our exports.
- Korea is Canada’s seventh-largest merchandise trading partner, with two-way trade valued at $24.5 billion in 2024.
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- Joint statement by Prime Minister Mark Carney of Canada and President Lee Jae Myung of the Republic of Korea
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- Prime Minister Carney meets with Prime Minister of Japan Takaichi Sanae
- Prime Minister Carney meets with President of the People’s Republic of China Xi Jinping
- Prime Minister Carney meets with the leaders of Australia, New Zealand, and Singapore
- Prime Minister Carney meets with Prime Minister of Thailand Anutin Charnvirakul
- Prime Minister Carney meets with President of the Republic of Korea Lee Jae Myung
- Canada-Republic of Korea Security and Defence Cooperation Partnership
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