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Opening doors for Canadian businesses

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.

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Article Tags: Canada, Economy, Trade

Canada 2019 was prepared for and originally printed in Forbes Asia magazine.

PDF of the printed report

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