Which countries or blocs has Prime Minister Carney negotiated trade agreements with?
Executive summary
Prime Minister Mark Carney has negotiated or launched negotiations on trade and investment agreements with the United Arab Emirates (signed a Foreign Investment Promotion and Protection Agreement and launched trade talks) and with Indonesia (a new bilateral trade agreement concluded), and he is advancing a Canada‑ASEAN free trade agreement covering ASEAN members with negotiations aimed to finish in 2026 (Canada expects access to nearly 700 million consumers and a >$5 trillion market) [1] [2] [3]. He has also pursued deeper ties with Singapore and Vietnam, and discussed linking the CPTPP with the European Union as part of broader bloc-level strategies [4] [5] [3].
1. UAE: a signed investment-protection pact and trade talks launched
Carney signed a Canada‑UAE Foreign Investment Promotion and Protection Agreement (FIPA) during his Abu Dhabi visit and used the trip to launch talks toward a comprehensive economic partnership, while courting major sovereign wealth funds and investment vehicles to channel capital into Canada [1] [6]. The official messaging frames the UAE ties as both an investment magnet and a diversification away from an over-reliance on the U.S. market [1].
2. Indonesia: Canada’s first bilateral ASEAN trade agreement
Carney announced a new bilateral trade agreement with Indonesia — described as Canada’s first-ever bilateral FTA with an ASEAN country — accompanied by an EDC–Indonesia Investment Authority financing partnership to mobilize as much as US$825 million in debt financing and business-council linkages to boost trade missions [2]. Government statements call this agreement a “game-changer” designed to open markets and drive investment between the two economies [2].
3. ASEAN (bloc-level) negotiations: one agreement aiming to reach 700 million consumers
Carney has accelerated negotiations on a Canada‑ASEAN free trade agreement that Ottawa says would give Canadian firms access to nearly 700 million consumers and an over US$5 trillion market; the government expects the talks to conclude in 2026 and has pledged $25 million in technical assistance to speed implementation [3]. The same agenda is referenced in Carney’s outreach to Singapore and Malaysia as part of his Indo‑Pacific push [4] [3].
4. Singapore and Vietnam: strategic bilateral engagement inside a regional strategy
Visits to Singapore and meetings with Singapore’s prime minister highlighted progress toward the Canada‑ASEAN FTA and broader cooperation on trade, energy and technology [4]. At the G20, Carney met Vietnam’s premier — incoming CPTPP chair — to explore new trade and investment pathways, signalling bilateral ties used to advance multilateral or bloc linkages like CPTPP [5] [4].
5. Bloc-level ambitions: CPTPP, EU linkage and the “bring together” strategy
Carney articulated a vision to align or “bring together” the Asia‑centred CPTPP and the European Union to strengthen supply chains and expand trade between two blocs that together cover more than one billion consumers — an ambition discussed at the G20 and in meetings with the European Commission president [5]. Available sources do not mention a finalized Canada‑EU free trade deal under Carney; they record discussions and visioning [5].
6. The United States: rhetoric, sector talks and limits to a broader deal
Carney has engaged with the U.S. on tariff and sectoral issues but has publicly conceded a broad new U.S. trade agreement may not happen soon; Ottawa has instead in places matched USMCA tariff exemptions and pursued sectoral talks while warning it will protect market access if the U.S. seeks unfair terms [7] [8] [9]. Reporting shows Canada removed many retaliatory tariffs to align with U.S. exemptions under USMCA in an effort to reset talks [7].
7. Critics, geopolitical trade-offs and domestic politics
Left‑wing critiques warn that some deals — notably with the UAE — may lock Canada into problematic partners, citing concerns about rights protections and fossil‑fuel interests; Jacobin framed the UAE FIPA as a gift to autocrats and warned about ISDS patterns [10]. Domestic political commentary also notes Carney’s strategy as an effort to “diversify” away from dependence on the U.S., a theme both promoted by the prime minister and contested by opponents who call for tougher stances in some sectors [1] [11].
8. What’s not in the record (limitations)
Available sources document deals or negotiations with the UAE, Indonesia, ASEAN (bloc), Singapore and Vietnam and outline ambitions regarding CPTPP–EU links and U.S. sectoral engagement [1] [2] [3] [4] [5] [7]. Available sources do not mention finalized comprehensive trade agreements with the European Union, a concluded Canada‑CPTPP linkage, nor a completed broad US‑Canada trade deal under Carney — they describe discussions, sector talks, or strategic aims [5] [7] [8].
Bottom line: Carney’s trade diplomacy blends signed investment‑protection pacts (UAE), a concluded bilateral FTA (Indonesia), accelerated bloc negotiations (ASEAN) and outreach to regional partners (Singapore, Vietnam), while keeping cautious, tactical engagement with the U.S.; critics warn of geopolitical and rights trade‑offs in some partnerships [1] [2] [3] [4] [5] [10].