From: Global Affairs Canada
November 25, 2022 – Ottawa, Ontario – Global Affairs Canada
Today, the Honourable Mary Ng, Minister of International Trade, Export Promotion, Small Business and Economic Development, concluded a successful visit to Mexico City to celebrate a decade of cooperation with the Pacific Alliance and its 4 members—Chile, Colombia, Mexico, and Peru—at the Pacific Alliance Summit.
The strong commercial relationship between Canada and the Pacific Alliance is supported by 5 free trade agreements that give Canada preferential access to all its members’ markets.
During the visit, Minister Ng announced that Canada will launch exploratory talks toward a free trade agreement with Ecuador, building on the significant growth in bilateral trade between both countries.
The Pacific Alliance countries are key allies in advancing an inclusive trade agenda and are all signatories of the Global Trade and Gender Arrangement, which promotes mutually supportive trade and gender policies to increase women’s participation in trade and advance women’s economic empowerment.
As an Observer to the Pacific Alliance, Canada has long been committed to fostering prosperity for all members. At the summit, Minister Ng positioned Canada as an important partner to the Pacific Alliance and welcomed the interest in prioritizing Canada’s path forward to Associated State status.
Minister Ng met with Canadian and Mexican business leaders, as well as her counterparts from Chile, Colombia, Costa Rica, Ecuador, and Mexico, to discuss opportunities to expand economic ties for the benefit of all the countries’ businesses and workers.
Quotes
“The Pacific Alliance is a critical pillar in Canada’s economic relationship with Latin America. Through our ambitious, progressive, and high-standard free trade agreements, we will continue to support Canadian companies in expanding into new markets across North and South America while also working toward growing shared values, such as inclusive trade, with our Latin American partners.”
– Mary Ng, Minister of International Trade, Export Promotion, Small Business and Economic Development
Quick facts
- In October 2012, Canada became the first non-Latin American Observer State.
- In 2016, Canada also became the first Observer nation to sign a joint declaration on a partnership aimed at long-term, multi-sectoral cooperation.
- With a combined GDP of $2.5 trillion and more than 230 million consumers, members of the Pacific Alliance constitute an important market for Canada.
- Pacific Alliance members represent more than 77% of Canada’s bilateral trade with Latin America ($52.1 billion) and 73% of Canada’s direct investment in the region ($65 billion), making them a key component of Canada’s post-pandemic economic recovery.
- Canada has bilateral free trade agreements with Chile, Colombia and Peru, in addition to beneficial market access through the Canada-United States-Mexico Agreement (CUSMA) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
- All Pacific Alliance members are also participants in the Global Trade and Gender Arrangement.
Related products
- Statement by Minister Ng on Canada’s engagement toward achieving Associated State status with the Pacific Alliance
- Minister Ng launches exploratory talks toward free trade agreement between Canada and Ecuador
- Minister Ng meets with Mexico’s Secretary of Economy Raquel Buenrostro in Mexico City
- Minister Ng reiterates steadfast support for Canadian companies in Mexico
- Minister Ng to attend Pacific Alliance Summit in Mexico