[Publication] Now more than ever Canada needs to diversify. ASEAN should be at the centre of it

For Canada, trade diversification has become a necessity in an increasingly complex global economy. 

Canada has long recognized the importance of expanding its trade and investment relationships beyond traditional markets. Yet diversification is not simply about identifying new destinations for Canadian goods and services. It is about building durable commercial relationships, creating pathways for investment, and ensuring Canadian businesses are positioned to participate in some of the world’s fastest-growing markets.

ASEAN stands out as a natural partner in this effort.

In the latest opinion article for iPolitics, CABC President Wayne Farmer explores why ASEAN should be central to Canada’s trade and investment diversification strategy, and why the opportunity for Canada extends well beyond the negotiation of trade agreements. The numbers tell an important story:

• Canada-ASEAN trade surpassed CAD $52 billion in 2025, increasing by nearly 24% in a single year.

• ASEAN is home to nearly 700 million people, with a combined economy approaching CAD $6 trillion.

• A concluded Canada-ASEAN Free Trade Agreement (ACAFTA) could add approximately CAD $2 billion to Canada’s GDP and support nearly 14,000 Canadian jobs.
  

Trade agreements create the foundation for market access, but the real opportunity lies in turning that access into customers, investment, and partnerships through sustained engagement and long-term relationships on the ground.

This is where business-to-business and business-to-government engagement becomes critical.

On the margins of the Canada Investment Summit, CABC is convening senior Canadian and ASEAN business leaders for a conversation focused on turning political momentum into commercial momentum. With global investors and business leaders gathering in Toronto, the timing is particularly important.

Canada has an opportunity to strengthen its investment proposition, connect Canadian businesses and investors with ASEAN’s growing markets, and encourage greater ASEAN investment and partnerships in Canada.

For Canada, diversification is not simply about finding new markets. It is about building the relationships, connections, and commercial partnerships that can support long-term growth and resilience.

Read the full opinion article here