In a significant development for global trade, Canada’s Minister of International Trade, Maninder Sidhu, reaffirmed the country’s commitment to a rules-based trading system during his participation in the Organisation for Economic Co-operation and Development (OECD) Ministerial Council Meeting (MCM) and World Trade Organization (WTO) mini-ministerial meeting in Paris, France.
At the OECD MCM, Minister Sidhu reinforced Canada’s support for open, stable markets that ensure predictability amidst economic uncertainty. He also emphasized the importance of responsibly developing artificial intelligence and standing up for Ukraine. Canada served as vice-chair of the OECD MCM alongside Australia and Lithuania, under the chairship of Costa Rica.
Minister Sidhu announced that Canada will contribute $2 million to support the activities of the OECD Southeast Asia Regional Programme (SEARP), a program created to address economic and development challenges in Southeast Asia. This contribution aligns with Canada’s Indo-Pacific Strategy and Strategic Partnership with ASEAN, highlighting the country’s growing focus on the region.
At the WTO mini-ministerial meeting, Minister Sidhu advocated for deep and meaningful reforms of the WTO to ensure its rules are modernized and continue to support a rules-based global trading system. Canada also called for a pragmatic approach to the WTO’s 14th Ministerial Conference that considers current economic challenges.
Key Highlights
- CANADA AND OECD: Canada served as vice-chair of the OECD MCM alongside Australia and Lithuania, under the chairship of Costa Rica.
- CANADA’S CONTRIBUTION TO SEARP: Canada will contribute $2 million to support SEARP’s activities, aligning with its Indo-Pacific Strategy and Strategic Partnership with ASEAN.
- WTO REFORMS: Minister Sidhu advocated for deep and meaningful reforms of the WTO to ensure its rules are modernized and continue to support a rules-based global trading system.
The OECD is an international organization focused on shaping policies that foster prosperity, equality, opportunity, and well-being for all. With 38 members from North America, South America, Europe, and the Asia-Pacific region, it represents about 80% of world trade and investment. Canada has been a member since 1961.
The WTO has 166 members worldwide and plays a critical role in regulating global trade. The Indo-Pacific region is crucial to Canada’s future, with 40 economies, over 4 billion people, and $47.19 trillion in economic activity.
Conclusion
In conclusion, Minister Sidhu’s participation in the OECD MCM and WTO mini-ministerial meeting in Paris, France, underscores Canada’s commitment to a rules-based trading system. The country’s contributions to SEARP and advocacy for WTO reforms demonstrate its dedication to promoting fair and responsive global trade practices.