Canada, United States’ number one trading partner, announces a new international trade plan. Canadian trade minister, Ed Fast, says he will “focus Ottawa’s efforts on markets that hold the greatest promise for Canadian business.”
The plan will target three distinct types of markets.
1. Emerging Markets with the best potential for broad Canadian commercial interests. For example, some countries include: Brazil, Chile, China, Colombia,and Hong Kong
2. Emerging markets with specific opportunities for Canadian businesses. For example, some countries include: Bahrain, Costa Rica, Cameroon, and Ghana
3. Established markets with broad Canadian interests. For example, some countries include: Australia, European Union, Japan, and the United States
Efforts will be placed to ensure maximizing of resources for success in foreign markets, as well as sustainability as the only G-8 nation to have preferential access to both the EU and the U.S.
Canada plans to increase export presence of Canadian SMEs in emerging markets from 29% to 50% by 2018, leading to the creation of over 40,000 new jobs.
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