Canada forges economic ties with Singapore

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Photo: You Tube screengrab from https://www.youtube.com/watch?v=R0a4FiPasDg

Following Canadian Prime Minister Trudeau’s working visit to Singapore for the 33rd ASEAN Summit and Related Summits in November 2018, he now discusses positive cooperation between Singapore and Canada during a phone conversation, at the same time briefing the Singaporean Prime Minister of the ongoing dispute between Canada and China.

In a separate statement, Mr. Trudeau’s office revealed that he has also discussed the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) with PM Lee.

“Both Canada and Singapore are among the first to ratify the agreement, deepening trade and investment ties and bringing economic benefits and good jobs to both countries,” the Canadian PM said the statement.

The trade agreement, a fresh version of the Trans-Pacific Partnership, was negotiated and signed on Mar 8, 2018 by Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam, following the withdrawal of the United States.

“The close relationship between Canada and Singapore has always been forward-looking – and now, with the CPTPP coming into force, that’s more true than ever. Canadian entrepreneurs are already setting Canada up for success in Singapore and other countries across the Asia-Pacific region. Our government will continue to strengthen existing partnerships, while opening the door to new markets and investment opportunities, to create good, middle class jobs for Canadians,” Prime Minister Trudeau enthusiastically stated.

Some quicks facts about the economic relationship between Singapore and Canada:

• Canada and Singapore are among the 11 member countries of the Comprehensive and Progressive Agreement on Trans-Pacific Partnership;
• Singapore is the largest source of foreign direct investment from Southeast Asia to Canada and a top destination of Canadian investment within the region;
• Canadian direct investment in Singapore was $5.7 billion in 2017. Foreign direct investment in Canada from Singapore was $354 million in 2017;
• Most of Canada’s top financial institutions and some 150 Canadian firms have operations in Singapore