Canada’s PM Declares ‘Era of Free Trade Is Over’ at APEC Summit

Canadian Prime Minister Mark Carney has declared that the era of rules-based free trade and open investment, which shaped the postwar global economy, has ended.

Speaking at the Apec summit in Gyeongju, South Korea, Carney said the world is undergoing “one of its most profound periods of change since the fall of the Berlin Wall.”

He announced plans to reduce Canada’s reliance on U.S. trade and double non-U.S. exports over the next decade.

Later, in his first formal meeting with Chinese President Xi Jinping since 2017, Carney discussed rebuilding relations and promoting a more “sustainable, inclusive international system.” Xi invited him to visit China, signaling efforts to reset ties after years of tension.

While Carney warned of shifting economic realities, Xi defended global cooperation, saying, “The more turbulent the times, the more we must work together.” The Apec summit continues with trade, supply chain resilience, and regional stability dominating discussions.

Check out our latest video: