GYEONGJU – Prime Minister Mark Carney has wrapped up his first official visit to Asia after attending two major summits and holding a meeting with Chinese President Xi Jinping that both countries hailed as a turning point in relations.
The prime minister began the trip at the Association of Southeast Asian Nations summit in Malaysia last week with a plan to pitch Canada as a reliable trading partner and to encourage investment into nation-building projects at home.
“We have to transform our economy,” Carney said at a closing news conference on Saturday at the Asia Pacific Economic Cooperation forum in Gyeongju, South Korea.
“Transform it from one of reliance on a single trade partner to one that’s more resilient to global shocks.”
Carney said Canada is working to conclude free trade deals with Thailand and the Philippines, along with the wider ASEAN bloc, within a year. He also signed a defence and security partnership with South Korea.
As he returns to Canada, the prime minister will face a different test in Parliament: the introduction of his government’s first budget on Tuesday.
Carney said the spending plan will provide details on how it intends to transform the economy, and that it comes at “an important moment in the global economy.”
The minority Liberal government will need the support of some opposition members of Parliament, or have members abstain from the vote, in order to pass the budget in the House of Commons.
Opposition parties have been laying out their lists of demands for the government in advance of budget day.
On Saturday, Carney wouldn’t say if he’s confident the budget will pass.
“I am 100 per cent confident that this budget is the right budget for this country at this moment,” he said.
If the budget does not pass on a confidence vote, the government would be toppled and Canadians could be headed to another election. Carney was asked if he’s prepared to fight an election over the spending plan.
“I’m always prepared to stand up for the right thing,” he said.
This report by The Canadian Press was first published Nov. 1, 2025.
