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Cabinet officials

International Cooperation on Rules-Based Trade Crucial for Strong Economic Recovery

Strategic Insights

— 1 min read

The COVID-19 pandemic has highlighted the importance of international cooperation on rules-based trade to support a strong, sustainable, and inclusive economic recovery. In October 2021, Canadian Minister of Small Business, Export Promotion, and International Trade, Mary Ng, met with key ministerial and trade counterparts at the G20 Trade and Investment Ministers meeting in Italy. The meetings aimed to discuss the upcoming World Trade Organization (WTO) 12th Ministerial Conference (MC12) and strengthen trade and investment links between Canada and its international partners.

Key Takeaways:

  • Minister Ng met with key ministerial and trade counterparts, including Damien O'Connor of New Zealand, Gan Kim Yong of Singapore, Tatiana Clouthier Carrillo of Mexico, Piyush Goyal of India, Ebrahim Patel of South Africa, and Pamela Coke-Hamilton of the International Trade Centre.
  • The ministers discussed the importance of supporting a strong, sustainable, and inclusive economic recovery from the COVID-19 pandemic through rules-based trade.
  • Canada and its partners reaffirmed their commitment to working together to achieve successful outcomes at MC12, particularly on issues such as Indigenous economic participation, inclusive trade, and WTO reform.
  • Minister Ng highlighted Canadas recognition of New Zealand's leadership as this year's APEC Chair and expressed appreciation for Singapore's continued engagement in the Ottawa Group on WTO reform.
  • The ministers exchanged perspectives on ways their countries can collaborate in fields such as clean energy and infrastructure, and discussed the growing economic relationship between Canada and Mexico, including CUSMA implementation.
  • Minister Ng also met with Pamela Coke-Hamilton, Executive Director of the International Trade Centre, to discuss opportunities to support small businesses and empower women, indigenous, and underrepresented entrepreneurs.

Statistics:

  • The G20 Trade and Investment Ministers meeting in Italy was held on October 11-12, 2021.
  • The upcoming WTO 12th Ministerial Conference (MC12) is a crucial event for international trade cooperation.
  • Canada has recognized New Zealand's leadership as this year's APEC Chair.
  • Canada and Singapore have a deepening trade and investment relationship.
  • The Canadian government has a growing concern with the investment climate in Mexico, especially in the mining and energy sectors.
  • The ministers discussed cooperation in support of WTO reform and successful outcomes at MC12.

Sources:

  • Contify.com
  • 2021 Euclid Infotech Pvt. Ltd.

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