With a highly educated workforce, a compelling geographic advantage and strong rule of law, Canada continues to be a reliable partner for two-way investment and collaboration between North America and the Asia Pacific. Those reasons have encouraged world-leading companies, including many of the largest Fortune 500 companies, to set up shop in Canada, establish their new R&D centers or expand existing facilities.
Having entered into force in December 2018, the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) provides Canada, being the largest North American member, to strengthen its position as a gateway between Asia-Pacific and North America and develop multilateral ties in trade, foreign direct investment, tourism, and education.
GMI Post returns to Canada in a reboot of its 2015 Report. This new report will identify various sectors and regions that present the most promising opportunities for increased collaboration, while featuring successful Canadian organizations that are ideal partners in the region.
Known widely for being a welcoming and ethical country, having an effective government and building strong relations with the international community, Canada has one of the best global reputations, according to a report published by the Reputation Institute.
Over the years, Canada has widened its influence around the world and improved the lives of millions of its citizens, a significant segment of which are immigrants that have become valuable contributors to nation-building.
GMI had a very insightful conversation with Ailish Campbell, Trade Commissioner of Canada, about the recent Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CTPTT).
In terms of bilateral trade, Canada has focused mostly on the United States. While the United States opted out of the CTPTT, the Canadian government remains steadfast in expanding its trade relationship with its next-door neighbor to the south, believing that there remains several sectors and industries it can penetrate better.
Bringing together Canada and 10 other countries, the CPTPP represents a market of 495 million consumers and accounts for 13.5% of global GDP. It is through this platform that Canada hopes to build and diversify its trade and investments in the Asia-Pacific region.
Reflecting the importance of trade to its economy, the sector is responsible for one of every six jobs in the country, To kee up with the rapidly changing global economy, the Canadian government has set itself a target of increasing overseas exports 50% by 2025. It has also committed to invest $198 million in programs that will help Canadian businesses develop export plans, build global partnerships and gain relevant skills and training to achieve that goal.
This increased fuding will enhance CanExport, a program that supports businesses wanting to expand overseas markets as well as the Canadian Technology Accelerator program, which aims to develop innovation hubs across Asia, starting with Hong Kong, Delhi, and Tokyo.
With offices in over 160 locations around the world, including all CPTPP and ASEAN markets, the Trade Commissioner Service (TCS) has been helping companies navigate international markets in Asia Pacific for more than 120 years.