Canadian Prime Minister Mark Carney told Asia-Pacific leaders at the Apec summit in South Korea that the postwar era of free trade and investment has ended, marking a turning point for the global economy. He said the traditional rules-based system that fueled decades of prosperity no longer fits a rapidly changing world.
“The old world of steady expansion of liberalised trade and investment is gone,” Carney said at the summit’s opening session in Gyeongju. He emphasised that Canada plans to reduce its dependence on the United States by doubling non-US exports within the next decade.
Carney also held his first formal meeting with Chinese President Xi Jinping since 2017, where both leaders expressed willingness to rebuild relations strained under previous administrations. Xi invited Carney to visit China, saying ties between the two countries are now “recovering toward positive development.”
Carney’s comments came as Xi mounted a defence of global free trade, urging cooperation amid turbulent times. The summit discussions were dominated by trade and supply chain challenges, underscoring shifting economic alliances as Canada pursues broader engagement beyond North America.
