Canada’s push to reduce its economic dependence on the United States is entering another important phase, with Prime Minister Mark Carney preparing an ambitious diplomatic tour across Europe and Asia.
On November 4, 2026, Carney announced plans to visit Ireland, the Philippines, Cambodia and China between November 11 and 19, attending four major international summits focused on trade, investment and international cooperation. The announcement comes as Canada confronts continuing uncertainty surrounding American trade policies and the future of its largest export market.
With 72.5% of Canadian merchandise exports still going to the United States in 2025, Ottawa faces growing pressure to develop alternative trading relationships. Carney’s upcoming meetings could help open new opportunities for Canadian businesses, strengthen existing partnerships and establish a more diversified economy capable of weathering future disruptions.
Ireland: Carney Looks to Strengthen Canada’s Economic Relationship With Europe
Carney’s first destination will be Dublin, Ireland, where he is scheduled to participate in the European Political Community Summit. The gathering brings together European leaders and partners to discuss strategic cooperation, economic security and international challenges. For Canada, the meeting represents another opportunity to deepen its relationship with Europe at a time when diversification has become a central economic priority. The European Union is already Canada’s second-largest global trading partner for goods and services, with bilateral trade valued at approximately $178 billion in 2025. On October 30, Canada and the EU launched an ambitious initiative called the Alliance for the Future, intended to strengthen cooperation in trade, technology, investment and security. The two sides are also exploring an unprecedented arrangement under which Canada could become the EU’s first associate member. Although the proposed arrangement remains under development, it signals Ottawa’s interest in establishing a deeper economic relationship with European markets without pursuing full EU membership. Carney’s Dublin appearance will help maintain momentum behind those discussions, particularly in industries where Canada offers significant advantages in energy, critical minerals and advanced technologies.
Ireland also presents opportunities of its own. According to Global Affairs Canada, bilateral merchandise trade between Canada and Ireland reached approximately $6 billion in 2025, including $1.1 billion in Canadian exports and $4.9 billion in imports. Cereals accounted for nearly 30% of Canada’s merchandise exports to Ireland, while pharmaceuticals represented a substantial share of shipments moving in the opposite direction. The relationship is supported by the Canada-EU Comprehensive Economic and Trade Agreement, provisionally applied since September 2017, which has helped establish a framework for reducing trade barriers. For Canadian agricultural producers, technology companies and manufacturers, deeper European connections could mean access to customers beyond the American market. A Prairie grain exporter, for example, benefits from having multiple potential buyers rather than relying heavily on demand from one country. However, expanding business in Europe requires more than diplomatic commitments. Companies must navigate different regulations, transportation costs, purchasing requirements and established competitors. Carney’s challenge will be turning promising discussions into practical commercial opportunities that Canadian businesses can pursue over the coming years.
Philippines: Two Major Trade Agreements Could Open New Doors in Southeast Asia
The second stop on Carney’s itinerary will be Manila, where he is expected to attend the Association of Southeast Asian Nations Summit as a guest of the chair. This could become one of the most economically significant portions of the tour because Canada is working to finalize a free trade agreement with ASEAN, a regional grouping that includes some of Asia’s largest and fastest-growing markets. In 2025, two-way merchandise trade between Canada and ASEAN reached $52.5 billion, representing a substantial 23.7% increase from the previous year. Ottawa estimates that a completed agreement could unlock more than $3.5 billion in Canadian exports, potentially benefiting agricultural producers, energy companies, manufacturers and service providers. Progress has already been substantial. In September, International Trade Minister Maninder Sidhu told Reuters that negotiations for trade agreements with ASEAN and the Philippines were more than 90% complete. However, important details remain to be finalized, and completing negotiations does not automatically mean a trade deal takes effect. Carney’s visit provides an opportunity to maintain political momentum and resolve outstanding issues that could determine how quickly Canadian exporters gain improved access to Southeast Asian customers.
Alongside the broader ASEAN negotiations, Canada is pursuing a separate bilateral free trade agreement with the Philippines. The government hopes to conclude negotiations during Carney’s visit, with an ambitious objective of tripling bilateral trade by 2035. Canada and the Philippines exchanged approximately $3.4 billion in merchandise during 2025, including $1.1 billion in Canadian exports and $2.3 billion in imports. The two countries already maintain strong connections through immigration, education, investment and established commercial relationships. According to Global Affairs Canada, nearly one million people of Philippine origin were living in Canada at the time of the 2021 census. Those personal connections can also support business relationships, particularly when companies are entering unfamiliar markets. Ottawa has identified agriculture, forest products, energy and technology among the areas where cooperation could expand. Canadian exporters of food products, for instance, could benefit from lower tariffs and more predictable import requirements, while technology businesses may discover opportunities in the Philippines’ expanding digital infrastructure sector. Whether those possibilities generate significant new sales will depend on the final agreement, its implementation and the willingness of Canadian businesses to invest in developing long-term customers throughout the region.
Cambodia: Canada Seeks New Opportunities Through the Francophone World
Carney’s third destination will be Phnom Penh, Cambodia, where he will attend the 20th Summit of La Francophonie, scheduled for November 15 and 16. Although this stop is less directly focused on negotiating a major free trade agreement, it carries considerable diplomatic and economic significance. La Francophonie brings together 90 member states and governments, creating an international network that extends across Europe, Africa, the Americas and Asia. Canada is a founding member of the Organisation internationale de la Francophonie and its second-largest institutional donor, contributing more than $43 million annually to Francophonie institutions. Quebec and New Brunswick participate as full members, while Ontario and Nova Scotia hold observer status. Carney’s attendance will allow Canada to strengthen those international relationships before hosting the next summit in 2028, which would mark the country’s first time hosting the gathering since Quebec City welcomed leaders in 2008. For Ottawa, this diplomatic network offers more than cultural cooperation. Relationships established through shared language, educational exchanges and government partnerships can also create openings for Canadian businesses in emerging markets where commercial connections remain comparatively limited.
Cambodia itself illustrates both the opportunities and challenges of expanding Canada’s international trade relationships. Bilateral merchandise trade reached approximately $2.4 billion in 2024, but the relationship was heavily weighted toward Cambodian exports. Canadian merchandise exports to Cambodia totalled only $33.4 million, while imports from Cambodia reached approximately $2.3 billion, primarily involving apparel, footwear and textiles. Those figures demonstrate that greater commercial engagement does not automatically translate into significantly higher Canadian exports. However, business activities surrounding the Francophonie summit could provide additional opportunities to establish connections. FrancoTech 2026, an innovation and business exhibition taking place alongside the gathering, will bring companies, investors and institutions together, while Canadian and Quebec-linked business missions are also scheduled in Phnom Penh. For a smaller Canadian technology company or Quebec-based entrepreneur, such events can provide access to potential international partners that might otherwise be difficult to identify. Canada also upgraded its diplomatic mission in Cambodia to a full embassy in March 2025, strengthening its presence in the region. Nevertheless, commercial expansion must be balanced with continued attention to human rights, governance and responsible business practices. Cambodia’s role in Carney’s itinerary reflects a broader strategy of building relationships before immediate financial returns can be measured.
China: Carney Returns to Beijing’s Trading Partner as Canada Accelerates Its Diversification Strategy
Carney’s final destination will be Shenzhen, China, where he will participate in the Asia-Pacific Economic Cooperation Economic Leaders’ Meeting on November 18 and 19. The summit brings together representatives from 21 economies that collectively account for more than 60% of global economic output and approximately 80.6% of Canada’s merchandise trade. For Carney, returning to China represents an important continuation of the diplomatic relationship he began rebuilding during his January 2026 visit, when he met President Xi Jinping and announced a new strategic partnership focused on trade, energy, agriculture and economic cooperation. China remains Canada’s second-largest single-country merchandise trading partner, with bilateral trade reaching $125.7 billion in 2025. Canadian exports accounted for approximately $35 billion, compared with $90.6 billion in imports. Ottawa says its renewed relationship with Beijing is helping unlock more than $7 billion in export market opportunities for Canadian businesses. The government has also established an ambitious objective of increasing exports to China by 50% by 2030. That target reflects the enormous potential of China’s market, but it also highlights the difficulty of establishing stronger commercial ties after years of tariff disputes and diplomatic tensions. Success will depend on whether the new relationship produces sustained access for Canadian products rather than temporary improvements tied to individual negotiations.
There are already signs of progress. On November 4, International Trade Minister Maninder Sidhu announced that Canada and China had agreed to extend favourable market access for Canadian canola meal, peas, lobster and crab through the end of 2028. The arrangement builds on measures negotiated during Carney’s January visit, which also led to reduced Chinese tariffs on Canadian canola seed. In March, China lowered the combined applied tariff on canola seed to approximately 14.9%, down from nearly 85%, offering important relief to Canadian agricultural producers. For a Saskatchewan canola farmer or an Atlantic Canadian seafood exporter, improved market access can influence purchasing demand, commodity prices and the stability of future contracts. China’s Vice Premier He Lifeng is also scheduled to visit Vancouver on November 8 and 9, providing another opportunity for economic discussions shortly before Carney departs. Nevertheless, expanding trade with China introduces its own challenges, including political uncertainty, trade restrictions and concerns about protecting Canada’s domestic industries. Ottawa must also maintain its deeply integrated relationship with the United States, which remains Canada’s dominant export destination. The central purpose of Carney’s four-country tour is therefore not to replace American trade with another single market, but to give Canadian businesses a wider range of customers and investment partners. Whether the strategy succeeds will ultimately be measured by export growth, new commercial agreements and the economic opportunities created for Canadian workers.
