As China braces for a leadership shake-up at its National Congress later this fall, now is the time for Canada to focus on strengthening trade relations with one of the world’s largest economies, says a new report from the Canadian Chamber of Commerce.
“Trade between China and Canada has more than quadrupled in the past 15 years, yet Canadian businesses still face multiple barriers when it comes to accessing Chinese markets,” said the Hon. Perrin Beatty, CEO and President of the Canadian Chamber of Commerce.
The report, “Canada’s Business Checklist for Trade Negotiations with China”, presents the winning conditions that should be met before Canada enters into a trade agreement with China, as well as setting out a path to navigating the complexities of dealing with one of the world’s fastest-growing economies.
“A trade agreement with China would boost Canadian GDP by USD 7.8 billion by 2030 and generate 25,000 new jobs, but Canada can’t afford to wait for a trade deal. Policy makers should focus now on breaking down restrictions such as reciprocal market access, the complexity of doing business in China, and regulatory hurdles here at home,” Mr. Beatty said.
The report, identifies where Canada can partner with China and meet its unique market needs, particularly in areas such as agriculture and clean energy. It makes several recommendations, from developing a national strategy to expanding Canadian capacity to meet Chinese demand.
To read the report – Canada’s Business Checklist for Trade Negotiations with China – click here