(Digital Journal – Canada Newswire)
In a report released last week, the Canadian Chamber of Commerce argues that Canada-China ties are quickly becoming one of Canada’s most important external relationships. Today, more than ever, what happens in China represents both a challenge and an opportunity for Canadian businesses.
“There is a clear need for more and better Canada-China trade,” said Perrin Beatty, President and CEO of the Canadian Chamber of Commerce. “Of course, there are barriers in both countries that must be removed in order to open access to the tremendous opportunities ahead and build a partnership of shared growth and prosperity, but we cannot let these stop us from realizing the full benefits of the relationship.”
In the report entitled: Advancing Our Economic Ties With China: Three priorities for Canadian business, the Chamber presents three elements to making Canada’s relationship with China more profitable: implementing a strategy of political engagement with China; removing barriers and irritants to more trade and better trade with China; and, improving the investment relationship with China.
There are opportunities for Canadian businesses to provide China with the goods and services it requires to sustain its own development. These include energy, raw materials, food, financial and engineering services, aerospace and transportation, and higher education. There are also opportunities to plug into value chains – to provide expertise and business services to multinationals involved in trade and investment between China and the United States, China and India, China and Brazil, and so forth. Then, there are untapped opportunities to broaden Canada’s investment relationship with China by loosening certain restrictions on capital flows.
If Canadian businesses improve their productivity and innovation, if governments continue removing barriers to competitiveness in Canada and if the global competitive playing field is better levelled, Canada will prosper in its exchanges with China and the rest of Asia. The full report can be found here
Date: January 30, 2012