New Asia-Pacific strategy was part of Liberals’ election platform
Prime Minister Justin Trudeau used the spectre of gnarled global supply chains in a bid Sunday to a bloc of Southeast Asian nations to win them over on a free trade deal.
Speaking in a pre-recorded message, Trudeau argued that an agreement with ASEAN would help companies and entrepreneurs build connections and business relationships around the world. All this affects inventories of in-demand consumer products or the delivery of parts needed to build things like cars, and pushes up transportation costs that get passed on to consumers, which is reflected in higher inflation rates.
The economies of the 10-nation bloc as a group represent Canada’s sixth largest trading partner, but the country already has access to four ASEAN members – Brunei, Malaysia, Singapore and Vietnam – through a Pacific Rim trade pact known as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership .
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