The Philippines and Canada are preparing to launch negotiations for a bilateral free trade agreement (FTA) and conclude talks by 2026.

President Ferdinand R. Marcos Jr. and Canadian Prime Minister Mark Carney reached the agreement during a bilateral meeting on Sunday, held on the sidelines of the 47th ASEAN Summit and Related Meetings here.

“The leaders also announced their intention to imminently launch negotiations on a bilateral Canada-Philippines free trade agreement, with the goal of conclusion in 2026,” the Office of the Canadian Prime Minister said.

The two leaders “discussed driving further growth” in the Canada-Philippines economic relations, which supports over USD3 billion in trade, including in manufacturing products, defense, and both conventional and clean energy.

Carney, the office added, discussed Canada’s new mission to double its non-United States exports in the next decade.

“To that end, the leaders agreed to accelerate negotiations on a Canada-ASEAN free trade agreement, with the intention to conclude negotiations in 2026 during the Philippines’ ASEAN chairmanship,” it said.

Both leaders welcomed the opportunity for a “bilateral visit at the earliest opportunity and agreed to remain in close contact.”

Canada and the Philippines have a strong and close relationship, supported by a Canadian-Filipino community of nearly one million people.

Carney is one of the six world leaders Marcos met for a bilateral meeting on the first day of the summit. (PNA)