Canada Seeks New Trade Ventures with Mercosur Amid Global Diversification Efforts
Canada is aiming to diversify its trade relationships by initiating talks with the South American trade bloc Mercosur. As the nation seeks fewer ties with the U.S., discussions with countries like Brazil and exploration of new agreements with China and India are being prioritized.
Canada is intensifying its efforts to diversify trade partnerships beyond the United States, with fresh discussions emerging between Canada and the South American bloc, Mercosur. The initiative comes from Canada's determination to extend its economic reach on a global scale.
International Trade Minister Maninder Sidhu revealed ongoing dialogues with Brazil regarding a potential trade deal, highlighting the mutual interest. Brazilian President Luiz Inacio Lula da Silva also expressed intentions earlier this year to progress with these negotiations.
Aside from Mercosur, Canada is looking to revive relations with China and sees improving ties with India as beneficial for future trade opportunities. Currently, Canada has established free trade agreements with 51 countries, but aims to expand further.
(With inputs from agencies.)
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