Carney wraps up Asia trip with first federal budget

PM Mark Carney’s first Asia visit, met Xi Jinping; both sides call it a boost to ties.

sarah

Nov 1, 2025 - 19:11

Carney wraps up Asia trip with first federal budget

Gyeongju — Prime Minister Mark Carney has completed his first official visit to Asia, attending two major summits and meeting with Chinese President Xi Jinping. Both countries hailed the visit as a turning point in relations.

The prime minister began his trip last week at the Association of Southeast Asian Nations summit in Malaysia, where he planned to present Canada as a reliable trading partner and encourage investment in nation-building projects in the country.

"We have to transform our economy," Carney said at the closing press conference of the Asia-Pacific Economic Cooperation forum in Gyeongju, South Korea, on Saturday.

"It must transform from dependence on a single trading partner to one that is more resilient to global shocks."

Carney said Canada is working to conclude free trade agreements with Thailand and the Philippines, as well as the broader ASEAN group, within a year. He also signed a defense and security partnership with South Korea.

Upon returning to Canada, the Prime Minister will face a different test in Parliament: presenting his government's first budget on Tuesday.

Carney said the spending plan will detail how he wants to transform the economy, and that it comes at a "critical juncture in the global economy."

To pass the budget in the House of Commons, the minority Liberal government will need the support of some opposition members of Parliament, or members will have to abstain from voting.

Opposition parties are already preparing their list of demands for the government ahead of Budget Day.

On Saturday, Carney did not say whether he was confident the budget would pass.

"I am 100 percent confident this budget is the right budget for this country at this time," he said.

"This is not a game."

If the budget fails in a confidence vote, the government will fall and Canadians could face another election. Carney was asked if he was prepared to contest the election over the spending plan.

He said, "I am always ready to stand up for what is right."

PM Mark Carney’s first Asia visit, met Xi Jinping; both sides call it a boost to ties.