Total trade between the two countries stood at about US$2.4 billion in 2025.
The deal will drop over 90 per cent of tariff lines and cover areas ranging from agriculture to aerospace to artificial intelligence, Carney said without revealing specifics.
The deal with ASEAN, meanwhile, would be the “first trade agreement … outside of Asia” for the bloc, Carney said, noting “more than US$50 billion a year in two-way trade, up nearly 25 per cent in the past year”.
In a separate statement, Manila said it expected the trade pact to be completed in the coming year.
Carney has maintained that trade with the United States, a cornerstone of the Canadian economy, will not return to a pre-Trump normal and that his country must urgently diversify its trading relationships.
The Canadian prime minister is on a multi-nation trip that will next take him to the Cambodian capital Phnom Penh for a biennial Francophonie summit before he heads north for the annual Asia-Pacific Economic Cooperation (APEC) meetings in China’s Shenzhen.
There, he will meet Chinese leader Xi Jinping to discuss Canada’s trade commitments with Beijing, he said.
