Pursue new trade deals • YouBetcha

Current Status

Status: Not Started

Mark Carney's government has yet to take any concrete steps toward pursuing trade deals with MERCOSUR or ASEAN, leaving this campaign promise unaddressed more than a year into his term.

Background

During the 2025 federal election, Mark Carney positioned himself as a global economic strategist, emphasizing the need for Canada to diversify its trade relationships beyond traditional partners like the United States. He highlighted the potential of emerging markets in South America and Southeast Asia, specifically naming MERCOSUR—a trade bloc including Brazil, Argentina, Uruguay, and Paraguay—and ASEAN, which comprises 10 Southeast Asian nations including Indonesia, Vietnam, and Thailand. These regions represent massive economic opportunities, with combined markets valued at around $9 trillion, offering Canadian exporters access to growing consumer bases in agriculture, technology, and natural resources. Fulfilling this promise would require initiating formal negotiations, possibly through exploratory talks or framework agreements, building on Canada's existing trade architecture like the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, which includes some ASEAN members but not the bloc as a whole. Under Justin Trudeau's previous Liberal government, Canada had expressed interest in ASEAN through Indo-Pacific strategy documents, but no comprehensive deal was pursued, leaving a gap that Carney pledged to fill amid rising global trade tensions.

Evidence

As of March 26, 2026, no documented actions by the Carney government specifically target the pursuit of new trade deals with MERCOSUR or ASEAN. Official records from Global Affairs Canada, including departmental results reports for 2023-24 and 2024-25, focus on broader priorities such as strengthening rules-based international systems, advancing trade with Indo-Pacific nations like India, Australia, Japan, and Korea, and addressing bilateral issues with China, but make no mention of MERCOSUR or ASEAN initiatives [7][8]. Prime Minister Carney's international visits, such as his February 2026 trip to India, Australia, and Japan, emphasized diversifying trade and attracting investment in energy, technology, and defence, yet these engagements did not extend to South American or Southeast Asian blocs [1]. Similarly, his November 2025 participation in the APEC Economic Leaders’ Meeting in Korea highlighted ambitions to double non-U.S. exports and offered to host APEC in 2029, but APEC's scope, while overlapping with some ASEAN countries, did not involve targeted negotiations for a dedicated ASEAN deal [2]. A preliminary arrangement with China on economic and trade issues, dated January 16, 2026, addressed electric vehicles and investments but was unrelated to MERCOSUR or ASEAN [3]. Other government documents, including those on Indigenous relations, anti-Black racism, and Canada-U.S. parliamentary exchanges, contain no relevant trade actions [4][5][6].

Assessment

More than a year after Mark Carney took office, his government has shown no tangible progress on pursuing new trade deals with MERCOSUR and ASEAN, despite the promise's emphasis on unlocking $9 trillion in market access for Canadian businesses. While Carney has actively engaged with other Indo-Pacific partners through high-level visits and announcements, these efforts have bypassed the specific regions outlined in his campaign pledge, leaving exporters without the diversified opportunities he committed to. This inaction risks undermining Canada's economic resilience in a fragmented global trade landscape, where competitors are rapidly forging new pacts.

Without concrete steps like launching negotiations or signing preliminary accords, the promise remains stalled, reflecting a broader pattern of prioritizing immediate bilateral ties over ambitious multilateral pursuits. As deadlines for economic diversification loom amid global uncertainties, the absence of movement on MERCOSUR and ASEAN raises questions about the government's commitment to its stated goals. Canadians expecting bolder trade expansion may find this oversight particularly glaring, given the potential for job creation and growth in these untapped markets.

Current Status

Background

Evidence

Assessment

Sources