Current free trade agreement negotiations
Canada - Indonesia
On June 20, 2021, Canada and Indonesia announced the launch of trade negotiations on a Comprehensive Economic Partnership Agreement (CEPA). In public consultations held by the Government of Canada in early 2021, Canadians expressed a high level of support for a possible bilateral trade agreement. Details of the consultations' outcome are available in a summary report. With a population of 270 million and GDP of $1.4 trillion, Indonesia is Southeast Asia’s most populous country and largest economy. B.C.’s goods exports to Indonesia totaled $173 million in 2020.
Canada - Pacific Alliance
Canada, along with Australia, New Zealand and Singapore, is currently in negotiations to become an Associate Member of the Pacific Alliance (Chile, Colombia, Mexico and Peru). With a combined GDP of $2.5 trillion and 223 million inhabitants, the Pacific Alliance constitutes an important market for Canada and B.C. is closely monitoring, and contributing to, Canada’s negotiations. Canada has existing free trade agreements with all members of the Pacific Alliance. In 2020, the value of B.C. exports to those markets was $290 million. A new trade agreement is expected to improve Canada’s existing preferential trade terms with Pacific Alliance members and expand access to those markets.
Canada - Mercosur
Canada has entered free trade agreement negotiations with Mercosur – the South American trading bloc composed of Argentina, Brazil, Paraguay, and Uruguay. The value of B.C. exports to Mercosur in 2020 was just above $110 million. With a combined population of 260 million and GDP of over $3 trillion, Mercosur represents an opportunity for Canadian and B.C. businesses to expand and further diversify their trade.
To submit comments and suggestions on the current Pacific Alliance and Mercosur negotiations, please reach out to us.