China free-trade deal could bring 'billions and billions' to Canada annually: expert

A Canada-China free-trade deal could bring “billions and billions of dollars” to the sagging Canadian economy each year, according to an expert on the subject matter.

See Full Article

Laura Dawson, director of the Canada Institute at the Wilson Center in Washington, recently co-authored a study on a Canada-China free-trade agreement. The study will be released next week. Canada is not currently engaged in free-trade negotiations with China, according to Global Affairs Canada. However, a Foreign Investment Promotion and Protection Agreement (FIPA) is in place between China and Canada, which is aimed at protecting and promoting foreign investment through legally-binding rights and obligations.

Speaking to CTV’s Question Period, Dawson said her research shows that Canada stands to benefit greatly if the two countries were to reach a deal.

“I am astonished by the benefits that Canada could derive from this kind of agreement. Billions and billions of dollars every year."

According to Dawson and Canadian Global Affairs Institute Vice-President Colin Robertson, many sectors of the Canadian economy would profit from the diversification that would come with a Canada-China free-trade deal, including:

• Agri-food, such as pork and canola

• Lumber

• Insurance: “There are a number of Canadian insurance companies over there. We sell an awful lot," Robertson told Question Period.

Dawson also said there is no need to worry about the effects of a free-trade deal with China on Canada's relationship with its closest partner -- the U.S.

“The United States already has a high level economic dialogue and framework with China. It’s working quite well, ” said Dawson. “It’s way ahead of the level of cooperation that Canada and China have so I don’t think that we would put ourselves in an antagonistic position vis-à-vis the United States.”

The Liberal government has emphasized the need for Canada to connect with growing markets in the global economy, especially amidst a bleak economy at home. More specifically, International Trade Minister Chyrstia Freeland told CTV’s Question Period this week that China and India are priorities for her file.

“These are two huge, growing markets, areas, where at a time the global economy is not growing as quickly as we would like, we’re still seeing tremendous economic growth.”

Freeland’s comments come as Prime Minister Justin Trudeau’s Liberal government prepares for a major trade mission to China and India. Trudeau is likely to travel to the two countries in March after bilateral meetings with U.S. President Barack Obama in Washington, according to a report by the Globe and Mail last week. The trip is part of a longer-term goal of reaching a free-trade deal with China, said the report.



Advertisements

Latest Economic News

  • Russia says oil production cuts may continue to boost prices

    Economic CTV News
    KUWAIT CITY -- Russia's energy minister says there's "94 per cent" compliance on a six-month oil production cut among OPEC members and non-cartel nations, as well as discussions about continuing the cuts to boost crude prices. Source
  • Iran imposes sanctions on 15 U.S. companies

    Economic CTV News
    TEHRAN, Iran - Iran has imposed sanctions on 15 American companies over their alleged support for Israel, terrorism and repression in the region. A Foreign Ministry statement carried by the state-run IRNA news agency Sunday said the companies are barred from any agreements with Iranian firms and that former and current directors will not be eligible for visas. Source
  • How to roll up the rim without buying coffee

    Economic CBC News
    You don't need to make a purchase to enter contests such as Tim Hortons' Roll Up The Rim To Win. But sometimes the alternatives are just as costly. (Tim Hortons ) Despite the well-known slogan, you don't actually have to roll up the rim to win. Source
  • Convenience or comparison? Why sticking with 1 bank might not be the best option

    Economic CBC News
    Consumers love the convenience of one-stop shopping for their financial needs — but it could be costing them. In a poll conducted by Ipsos and commissioned by LowestRates.ca, an online interest rate comparison site, six in 10 Canadian respondents said they prefer to have all their financial products and credit cards at one bank. Source
  • More TV streaming services join U.S. market, leaving Canada far behind

    Economic CBC News
    YouTube's announcement that it will soon launch an online TV streaming service cut deep for some Canadians. That's because it's not coming here. YouTube TV will offer more than 40 live TV channels for only $35 US a month. Source
  • Poker tables keep decreasing on Las Vegas casino floors

    Economic CTV News
    LAS VEGAS -- When the Monte Carlo closes its eight-table poker room in about a month as part of a $450 million overhaul, the Las Vegas Strip will have lost nearly a quarter of the tables it had a decade ago. Source
  • Las Vegas casinos continue to close poker rooms

    Economic CTV News
    LAS VEGAS -- When the Monte Carlo casino closes its eight-table poker room in about a month as part of a $450 million overhaul, the Las Vegas Strip will be down nearly a quarter of the tables it had a decade ago. Source
  • Google's YouTube loses more advertisers over offensive videos

    Economic CBC News
    An advertising boycott of YouTube is broadening, a sign that big-spending companies doubt Google's ability to prevent marketing campaigns from appearing alongside repugnant videos. PepsiCo, Walmart Stores and Starbucks on Friday confirmed that they have also suspended their advertising on YouTube after the Wall Street Journal found Google's automated programs placed their brands on five videos containing racist content. Source
  • National contest tries to convince students that lucrative sales jobs are 'sexy'

    Economic CBC News
    Sonya Meloff wants everyone to know that a career in sales is sexy. Not sleazy. "I think that sales is a really sexy job," says the founder of the Toronto's Sales Talent Agency. "You get to be at the forefront of representing a company, you're the one that gets to talk to the customers. Source
  • Report examines grim Bangladesh leather trade, links to West

    Economic CTV News
    DHAKA, Bangladesh -- Hazardous, heavily polluting tanneries, with workers as young as 14, supplied leather to companies that make shoes and handbags for a host of Western brands, a non-profit group that investigates supply chains says. Source