Canadian Prime Minister to Visit Australia, Trade Talks on the Table

Canadian Prime Minister Mark Carney is to visit Australia in March, where he will address Parliament and visit Canberra and Sydney, according to Prime Minister Anthony Albanese.

It will be Carney’s first visit to the country.

Albanese said the visit would provide an opportunity to strengthen cooperation on investment, economic security, critical minerals, and defence.

“Canada is one of Australia’s closest friends, built on generations of trust, with a shared commitment to supporting stability across the Indo-Pacific and beyond,” Albanese said. “As our countries face new challenges and opportunities, we must deepen our co-operation with partners to promote our national interests.”

The visit will run from March 3 to 6.

“In a more uncertain world, Canada is focused on what we can control,” Carney said in a statement.

“We are diversifying our trade and attracting massive new investment to create new opportunities for our workers and businesses. We are forging new partnerships abroad to create greater certainty, security and prosperity at home.”

He will also visit Mumbai and New Delhi, where he will meet with India’s Prime Minister Narendra Modi and, upon leaving Australia, head to Tokyo for talks with Japanese Prime Minister Takaichi Sanae.

Canada and Australia have a very close relationship, to the extent that Canadians receive consular services from Australian officials in a number of countries where Canada does not have a diplomatic presence, and vice versa.

They also share diplomatic facilities in some places, with joint embassies in Rabat and Kyiv, and the Canadian diplomatic mission housed inside the Australian embassy in Laos.

What Does the Trade, Investment Relationship Look Like?

Trade will undoubtedly be a topic of discussion between prime ministers and their respective officials.

Total two-way trade in goods and services amounted to around $11 billion in 2024, with Australia’s major exports being metallic ores (particularly aluminium) and concentrates, and beef.

The top three goods imports in the same period were gold, agricultural machinery and parts, and non-electric engines and motors.

Main services exports in 2024 were recreational travel, education-related travel, and professional, technology and other business services, while the top three services imported from Canada were recreational travel, transport services, and telecommunications and ICT services.

Both countries also have substantial investments in one another.

Australian interests held $131 billion in Canadian stocks at the end of 2024, making it the fifth most popular destination for local investors, while Canadians had $111 billion invested in Australia, making it the country’s eighth largest source of foreign investment.

However, while both countries are members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), there are still disagreements over Canadian tariffs on imports of Australian agricultural products.