Thursday, May 30, 2024

Canada is eyeing the market in the Indo-Pacific region

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Canada is eyeing markets in Asia and the Indo Pacific region Since then Canadian Prime Minister Justin Trudeau is visiting Asia to participate in several international conferences and bilateral meetings

Canada is eyeing markets in Asia and the Indo-Pacific region. Since then, Canadian Prime Minister Justin Trudeau is visiting Asia to participate in several international conferences and bilateral meetings. One of the goals of this visit is to improve relations with Asian leaders by visiting Indonesia, Singapore and India in a six-day visit.

Canada wants to keep up with the region’s rapid growth through the global transition to green energy. Canada sees an important role to play in this regard. Canada also wants to diversify its trade in the region by getting out of China. Last month they announced a new Trans-Pacific strategy.

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The strategy was announced to expand trade links across the region to counter China’s hegemony. As part of this, they are now negotiating an integrated trade agreement with Indonesia. Besides, Ottawa has temporarily suspended formal talks with India for further discussions with business partners.

However, Canada has already signed a trade agreement with Singapore. Both countries are signatories to the Pacific Rim Trade Agreement known as the CPTPP.

Experts cautioned that Trudeau would be best advised not to give too much advice on the trip. Also, they must prove that the purpose of this visit is not just to take pictures.

Relationship, relationship, relationship. It’s not a place where you just say, I’m here on business. Let’s make a deal. This is where you need to practice relationships. We need to understand each other’s culture. Priority should be trade and economy. In today’s world people talk about economy first.

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