ASEAN-CANADA FTA
Amid trade tensions with the United States, Canada has been looking to expand its economic opportunities across both the Atlantic and Pacific, said Dr Balakrishnan.
He noted that Canada and the US have a “special relationship” and remain tightly integrated economically, politically and at the people-to-people level.
He said that it was not Singapore’s role to become directly involved in the “to-ing and fro-ing” between the two neighbours.
“Having said that, I think it is a path of no regret for Canada to explore opportunities across both the Atlantic and the Pacific, because Canada does have goods and services and products and resources which are in demand all over the world, and Canada should maximise its opportunities for trade and investment across the Asia Pacific and in Europe,” he said.
“So, what is happening now, and the fact that Canadian bandwidth is now allocated across a much broader spectrum of the world, is an opportunity, and it’s an opportunity for us in Asia, and in particular for Singapore.”
Dr Balakrishnan said he hoped to see a “significant breakthrough” in negotiations for an ASEAN-Canada free trade agreement. Singapore takes over the ASEAN chairmanship from the Philippines on Jan 1, 2027.
“Canada is now looking for opportunities … on a global level, as I said, across the Pacific and across the Atlantic, and the fact that Canada is now focused on doing this is an opportunity, especially for us in the Asia Pacific, where we see Canada as another like-minded partner.
“We believe in globalisation, rules-based, liberal, free and fair trade. It’s a source of investment, a source of technology, a source of energy. So it’s a complementary relationship, which I would say is overdue.
“But now that the stars are aligned, we should maximise the opportunities in this relationship,” he said.