It is easy to assume that Canada-U.S. trade will continue to dominate as it always has, and that Canada will trade little with fast-growing markets elsewhere.
But an important shift is under way. Though trade with the United States still accounts for the majority of Canada’s international transactions, it has not grown in real terms over the past decade. At the same time, Canada’s trade with fast-growing markets elsewhere is taking off.
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Finance Minister Jim Flaherty maintains that although Ottawa recently blocked a foreign takeover of a Canadian company and is reviewing another, the country is open for business.
“There is no question that Canada is open for investment, everybody knows that, we’re one of the most open economies in the world,” he tells BNN.
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As happened about a decade ago with China, Canada has been slow to realize the benefits of capturing a share of India’s $2-trillion-a-year economy.
With a tantalizing number like that, the Conservative government has been right to make increasing Canada’s foreign trade, especially in Asia, a top priority.
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NEW DELHI, India – Prime Minister Stephen Harper can expect a warm, even rapturous welcome when he arrives Sunday in India on what is to be an unusually long six-day trip to the subcontinent to drum up business for Canada. Coming with the prime minister are several cabinet ministers and a large group of senior businessmen.
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CALGARY, AB, Oct. 13, 2012/ Troy Media/ – Exports are vital to the economic health of both Canada and Alberta, and the need for both jurisdictions to wean themselves off the heavy reliance on the U.S. has become a topic of national dialogue and debate. Indeed, with over 87 per cent of Alberta’s provincial exports moving south of the border, the province’s trade dependence with one country can be a worry.
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CALGARY—Calgary Economic Development is leading a delegation of city companies to the land Down Under to develop trade relationships between Australia and Canada.
The delegation will visit Brisbane, Adelaide and Perthon October 14-23.
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EDMONTON— The province of Ontario has gone from criticizing the oilsands to increasing its efforts to capture their economic benefits.
Brad Duguid,Ontario’s minister for economic development, says he plans to increase his department’s attention to Alberta by adding more staff to deal with trade issues.
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After almost a year of waiting, Canada has formally joined major Pacific Rim trade talks – negotiations that will put pressure on Ottawa to ratchet back protections sheltering Canadian dairy, egg and poultry farmers from foreign competition.
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