Canada must diversify markets for NAFTA deal

Canada's trade minister held out hope Wednesday for a new continental trade deal, but with no clear timeline for reaching an accord expressed also a renewed sense of urgency to diversify export markets.

"We must continue to negotiate with our American partners because the US is Canada's largest economic partner," Minister Francois-Philippe Champagne told reporters.

He added that there was "no deadline" for wrapping up negotiations despite calls to conclude a deal before a July 1 Mexican presidential election and US midterm elections in November.

"But at the same time, we must also diversify our markets," he continued, recalling that his government is "working expeditiously" and "as quickly as possible" to ratify the Trans-Pacific Free Trade (TPP) with 10 other countries. Canada currently sends about 75 percent of its exports to the United States.

Signed in March without the United States, the TPP would enter into force 60 days after its ratification by at least six of the 11 signatory countries (Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam).

---AFP, Montreal