Canada's Minister for International Trade has indicated a desire to deepen trade negotiation efforts with the Mercosur bloc to lessen its reliance on US trade.
Negotiations with Mercosur
Trade Minister Sidhu has linked progress in discussions with Mercosur to positive signals from Brazil. He recently mentioned that there is real interest in continuing trade talks with Mercosur.
Expansion of Trade Agreements
Canada is eager to diversify its export routes and plans to sign additional trade agreements. Within the first two months in office, Sidhu concluded a deal with Ecuador and negotiated an investment promotion agreement with the UAE.
Concerns Over US Dependence
Sidhu expressed concerns about Canadian firms being overly reliant on the US market, which constitutes a significant portion of exports. He emphasizes the need for finding new markets and enhancing Canadian firms' competitiveness.
Canada is actively working to expand its trade opportunities beyond the US, aiming for more balanced trade relationships through new agreements with Mercosur and other allies.
