Canada And China Talk Economic Cooperation

by Mike Godfrey, Tax-News.com, Washington

15 July 2011

Improving economic ties with China will bolster Canadian businesses and create employment opportunities, according to International Trade minister Ed Fast.

Fast, also Minister for the Asia-Pacific Gateway, participated in a round table on business prospects between Canada and China on July 13. Also in attendance were Randy Kamp, Parliamentary Secretary to the Minister of Fisheries and Oceans and Parliamentary Secretary for the Asia-Pacific Gateway, and Wai Young, MP for Vancouver South, along with Asia-Pacific stakeholders and Chinese business community leaders from the Vancouver area.

According to Fast, one in five Canadian jobs are linked to trade. He argued that, with China now the world's second largest economy, the government must develop its trading relationship with China, in order to create opportunities for Canadians. Fast stressed: “When Canadian businesses succeed abroad, jobs and prosperity are created here at home. At today’s round table, hearing what our Canadian companies have to say about making their businesses more competitive will help ensure we continue to take measures that make Canada even more competitive and prosperous—now and into the future.”

Yuen Pau Woo, President and CEO of the Asia Pacific Foundation of Canada, added: “Minister Fast had a very constructive exchange with business leaders on growing trade ties with China and other Asian countries. He is committed to a deeper and broader relationship with the region, and is clearly interested in feedback and suggestions from stakeholders.”

In particular, the achievements of the Asia-Pacific Gateway and Corridor Initiative were emphasized. The Initiative, launched in 2006, is a network of transportation infrastructure that includes British Columbia’s Lower Mainland and Prince Rupert ports, their principal road and rail connections stretching across western Canada and south to the United States, key border crossings and major Canadian airports. According to Kamp, this provides Canada with a competitive advantage in international commerce and contributes to increase its market share.

To date, the Canadian government has announced 47 infrastructure projects related to the Initiative. These are valued at over CAD3.5bn, with federal investments of more than CAD1.4bn, in partnership with all four Western Provinces, municipalities and the private sector.

China is Canada’s second-largest trading partner, on a country-to-country basis. Canadian government figures show that bilateral trade reached CAD57.7bn (USD60.1bn) in 2010, with such trade more than tripling between 2001 and 2010.

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