Canada says PH, ASEAN trade talks 90% complete, targets November deal

anada's trade minister said on Tuesday that negotiations on separate free trade agreements with the Philippines and ASEAN are more than 90% complete, with Ottawa pushing to have both deals ready by the time Prime Minister Mark Carney visits Manila in November.

"There's energy from both sides to get a deal done, and that's the most important part," Trade Minister Maninder Sidhu told Reuters in an interview on the sidelines of meetings of Southeast Asian economic ministers in Manila.

The trade push forms part of Canada's broader strategy to diversify economic ties and strengthen supply chains as global uncertainties mount.

"Plan A was always diversification, regardless of what happens with our partners," Sidhu said, adding that Canada's push to deepen ties with Southeast Asia was "not about one particular country" and was not primarily driven by shifts in US trade policy.

Sidhu said energy was Canada's biggest offering to Southeast Asia, pointing to the country's growing LNG export capacity as regional economies seek to diversify fuel supplies and shield themselves from geopolitical disruptions.

He said Canada has more than five LNG projects in various stages of development on its Pacific coast, all geared towards supplying Asian markets.

Southeast Asian economies, many of which rely on imported fuel, have faced higher energy costs and supply concerns as a result of disruptions to shipping through the Strait of Hormuz, a key route for global oil and gas trade.

"Canada can play a key role to stabilise those energy prices and reinforce those supply lines," he said.

Sidhu said Canada has committed funding to support the Luzon Economic Corridor, a key manufacturing hub on the Philippines' largest island, and sees opportunities for investment in energy, data centres and related infrastructure.

He said Canada is looking at opportunities in the Philippines' growing data centre sector as demand for artificial intelligence and digital services increases.

Sidhu declined to estimate how much investment could result from a trade agreement with the Philippines, but said such deals typically encourage companies to pursue new projects and partnerships by signalling government support for closer economic ties.

-Reporting by Nestor Corrales; Editing by David Stanway/Reuters