Era of Free Trade Ends, Says Canadian Prime Minister Mark Carney

Strategic Insights -

Canadian Prime Minister Mark Carney warned Asia-Pacific leaders at the Apec summit in South Korea that the era of free trade and investment has ended. Citing the global economy's most profound period of change since the fall of the Berlin Wall in 1989, Carney stated that rules-based open trade no longer works. He emphasized that Canada aims to double non-US exports over the next decade and will focus on Asia as a key trading partner. Carney also met with Chinese President Xi Jinping, expressing a desire to work closely with China to build a more sustainable and inclusive international system.

Key Takeaways:

  • The Canadian Prime Minister, Mark Carney, declared that the era of free trade and investment has ended, signaling a shift in global economic policies.
  • Carney emphasized that Canada will focus on doubling non-US exports over the next decade, with a significant focus on Asia as a key trading partner.
  • Carney met with Chinese President Xi Jinping, expressing a desire to work closely with China to build a more sustainable and inclusive international system.
  • Xi Jinping invited Carney to visit China, stating that relations between the two countries have shown signs of recovery after years of tension.
  • Carney welcomed the invitation and looked forward to further dialogue with China.
  • The Canadian Prime Minister highlighted the need for a "constructive and pragmatic dialogue" with China, indicating a shift in Canada's approach to trade negotiations.
  • Donald Trump's withdrawal from trade negotiations with the US is seen as a major factor in the shift in global trade policies.
  • China's President, Xi Jinping, defended free trade, citing the importance of cooperation in turbulent times.
  • The US and India signed a 10-year defence cooperation framework, emphasizing the importance of regional stability and deterrence in the Indo-Pacific.
  • Japan's new Prime Minister, Sanae Takaichi, met with Xi to discuss strategic and mutually beneficial relations between the two nations.

Statistics:

  • 40% of the world's population is represented by Apec countries.
  • 50% of global trade is accounted for by Apec countries.
  • The US's contribution to the Apec summit has been described as "very strong and robust".
  • The US and India have signed a 10-year defence cooperation framework.
  • The US will "stoutly defend its interests" in the Indo-Pacific, according to US Defence Secretary, Pete Hegseth.
  • Japanese and Chinese military activities in disputed areas of the South China Sea and around Taiwan are a concern for the US.

Sources:

  • The Canadian Prime Minister, Mark Carney.
  • President Xi Jinping of China.
  • US Defence Secretary, Pete Hegseth.
  • Japan's new Prime Minister, Sanae Takaichi.
  • The US Treasury Secretary, Scott Bessent.
  • A report by the Canadian security authorities on the detention and execution of Canadian nationals by China.
  • A post on X by the US Defence Secretary, Pete Hegseth.
  • A statement by the Chinese foreign ministry on Xi's defence of free trade.
  • A report by Yonhap News Agency/Reuters on the Apec summit.