Thank you very much, Madam Chair. I am happy to be here with everyone today.
I want to acknowledge that I am speaking from the traditional and unceded territory of the Algonquin Anishinabe people.
I would also like to note that we're meeting at a time when the Russian illegal invasion of Ukraine is a really grave threat to world peace, and it's obviously well known that Canada stands with Ukraine and condemns the unjustifiable invasion, which has challenged the rules-based international order. This violence has devastated the Ukrainian people, has forced many to flee their homes and has disrupted economies and global supply chains.
The consequences of Russia's actions have extended well beyond Ukraine's borders and have serious repercussions around the world for human rights, global food security and energy security.
Since Russia's illegal invasion of Ukraine, Canada has responded with sanctions on more than 1,450 individuals and entities under the Special Economic Measures Act. These sanctions—many implemented with Canada's allies and partners—have a strong impact on the Russian economy, and they are a powerful symbol of Canada's commitment to Ukraine's sovereignty and territorial integrity, and to the international rules-based order.
Canada also implemented many other economic measures against Russia. We expanded export control restrictions; cancelled valid permits to prevent military, strategic and dual-use items from going to Russia; revoked Russia's most favoured nation trading status; and denied Russia access to Canadian ports and airspace.
Here at home, while the COVID-19 pandemic has affected the global trade landscape and the Canadian economy, the good news is that Canadian trade and the economy rebounded strongly in 2021. We've started to rebuild from the pandemic, with GDP rising by almost 5% in 2021. Our imports and exports combined rose by almost 14% to reach a record $1.5 trillion. Exports increased even more, growing by an unprecedented 18% to reach $766 billion, another record.
More exports to the United States, thanks to CUSMA, helped drive some of that growth. Since the agreement was signed in 2020, Canada-U.S. trade has grown almost 17%. We have a thriving bilateral trade and economic relationship with the United States, underscored by a recent visit to Canada by United States trade representative Katherine Tai.
To keep this momentum going with the U.S. and other countries around the world, the Canadian government is supporting businesses as they start up, scale up and export into new markets. Our free trade agreements are crucial for businesses looking to diversify their export markets, and we have made lots of progress on those trade agreements.
March was a particularly busy month. We relaunched negotiations with India for a comprehensive economic partnership agreement. We held the first round of negotiations towards a Canada-Indonesia comprehensive economic partnership agreement to secure our access to the large export market in Southeast Asia.
When the U.K.'s secretary of state for international trade, Anne-Marie Trevelyan, visited in March, negotiations were launched for a bilateral free trade agreement with the U.K.
The Government of Canada is also working hard to expand the benefits of CPTPP into new economies, beginning with the U.K., and started the accession process for that last June.
We expect to hold the first round of negotiations this summer towards a free trade agreement with ASEAN, working closely with all Canadian exporters to help them to take advantage of these free trade agreements and the preferential access that we have, now covering 1.5 billion people around the world.
Our work didn't stop, of course, with free trade agreements. We also have a mission to help create the conditions for Canadian businesses to pursue opportunities abroad and grow here at home. All of this support is particularly important for the small businesses that had to stop exporting during the pandemic. There is no doubt that COVID-19 brought significant disruption to international trade and forced businesses to adapt and put a strain on the international supply chain.
These challenges have compelled us to reflect on how we make our economy more resilient for the future, and that's where some of our trade tool kit comes in, which includes things like the trade commissioner service, or TCS. As the chief trade commissioner I am very proud to say that we have more than 160 offices worldwide, providing on-the-ground support, expert market knowledge and local contacts to take Canadian companies global.
Given that innovation plays a pretty vital role in our economy, we are very pleased to see that the TCS CanExport program received $35 million over five years in the 2022 budget. This will help Canadian businesses to protect their intellectual property assets as they pursue those new opportunities abroad.
We are promoting Canada also as a destination of choice for international investment. Invest in Canada's interim CEO, Katie Curran, is here today and will tell you all about the work her organization is doing to bring investment here.
However, I would highlight a figure that speaks volumes on what we have been able to accomplish, even during these challenging times. The OECD recently reported that international investment in Canada was up 158% in 2021 from the year before. New and enduring partnerships remain vital to restoring supply chains that are both efficient and resilient in the postpandemic world.
We've taken the lead within the WTO, as well, to promote a rules-based, predictable trading environment. It's one that supports long-term supply chain resiliency and can help us build back better with like-minded economies—
