KUALA LUMPUR, Malaysia – The Philippines and Canada have agreed to launch negotiations for a bilateral free trade agreement (FTA), with the goal of concluding discussions by 2026, President Ferdinand R. Marcos Jr. and Canadian Prime Minister Mark Carney announced on Sunday.

The agreement was reached during their bilateral meeting on the sidelines of the 47th ASEAN Summit and Related Meetings here.

“The leaders also announced their intention to imminently launch negotiations on a bilateral Canada-Philippines free trade agreement, with the goal of conclusion in 2026,” the Office of the Canadian Prime Minister said in a statement.

The two leaders discussed ways to expand economic relations between the two countries, which currently support over USD 3 billion in trade, covering sectors such as manufacturing, defense, and both conventional and clean energy.

Carney also outlined Canada’s new mission to double its non-U.S. exports within the next decade, underscoring the Philippines’ strategic role in achieving that goal.

Both leaders also agreed to accelerate negotiations on a Canada-ASEAN FTA, aiming to finalize it in 2026, coinciding with the Philippines’ ASEAN chairmanship.

They further welcomed the possibility of a bilateral visit at the earliest opportunity and committed to maintaining close engagement.

Canada and the Philippines share strong bilateral ties, bolstered by a vibrant Filipino community of nearly one million people in Canada.

Carney was among six world leaders who met with Marcos for bilateral talks on the first day of the summit. (PNA)