Now is the time to strengthen ties with our second largest trading partner, China, but only under the right conditions.
Our report, titled Canada’s Business Checklist for Trade Negotiations with China makes several recommendations to boost Canadian trade and investment with the country, which is home to one fifth of the global population.
While bilateral trade between our two nations has more than quadrupled in the past 15 years, businesses in Canada still face multiple barriers when it comes to accessing Chinese markets.
A free-trade agreement with China would boost Canadian GDP by $7.8 billion by 2030 and generate 25,000 new jobs, but Canada can’t afford to wait for a trade deal. Policy makers must work now on breaking down restrictions such as reciprocal market access, the complexity of doing business in China, and regulatory hurdles here at home.
Later this fall, at the National Congress, China will undergo a leadership change, which could have significant implications for Canadian businesses. This is a crucial time for Canada to invest in its relationship with the world’s second largest economy.
The report identifies several areas where Canada can engage with China in a way that meets the country’s unique needs, particularly in areas like agriculture and energy where Canada has an opportunity to play an important role as a source of clean resources and technologies.
Whether it’s expanding Canadian capacity to meet demand in China, developing a national strategy, or furthering dialogue between the two countries, we must do to more to deepen our relationship with this vital economic powerhouse.
Read our report.