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

  • Too soon to tell if NAFTA deal can be reached by deadline: Chief negotiator

    Economic CTV News
    OTTAWA -- Canada's chief negotiator says solid progress is being made in talks to rewrite the North American Free Trade Agreement, but it's too soon to tell if a deal can be reached by the year-end deadline set by the United States. Source
  • Alibaba's online payment platform AliPay coming to Canada: company

    Economic CTV News
    TORONTO - Chinese online shopping giant Alibaba Group's online payment platform AliPay will officially launch in Canada through a partnership with Canadian tech firm Snap Pay Inc. Canadian retailers will be able to accept Chinese currency from Chinese shoppers starting this week. Source
  • U.S. dairy takes aim at Canadian supply management in round 3 of NAFTA

    Economic CTV News
    OTTAWA -- The first punches in what promises to be a bitter fight over Canada's protected dairy industry are expected to be thrown during this week's third round of North American Free Trade talks in Ottawa. Source
  • C'est la vie: Canadian energy producer accepts French drilling ban with a shrug

    Economic CTV News
    CALGARY -- The traditional 20th anniversary present is china but Canada's Vermilion Energy Inc. is getting quite a different gift for its second decade as a light oil producer in France: a divorce petition with an implementation date of 2040. Source
  • How car dealerships upsell you: CBC's Marketplace consumer cheat sheet

    Economic CBC News
    Miss something this week? Here's the consumer news you need to know from CBC's Marketplace. Get this in your inbox every Friday. Sign up here. What got out in the Equifax hack? A massive cybersecurity breach may have exposed the personal information of about 100,000 Canadians. Source
  • Boeing-Bombardier ruling slated for Monday

    Economic CTV News
    OTTAWA -- Politicians, defence officials and Canada's aerospace industry have Monday circled on their calendars as the date to watch in Boeing's ongoing trade dogfight with Montreal-based Bombardier. Here's what you need to know, and what is expected to follow: Source
  • Report calling for end of gas price regulation flawed, says economist

    Economic CBC News
    A Nova Scotia-based think-tank says gas price regulation has taken millions of dollars out of the wallets of drivers in Atlantic Canada, but an economist says the report is filled with factual errors and the methodology is flawed. Source
  • Site C dam project draws criticism at Vancouver public input session

    Economic CTV News
    VANCOUVER - Critics of an $8.8-billion dam project in British Columbia voiced concerns over the long-term costs of the project during the first in a series of public input session. The province's new NDP government directed the BC Utilities Commission to review the economic viability of the Site C hydroelectric dam project that was initiated by the former Liberal premier Christy Clark. Source
  • Pricey even with a contract: Wireless carriers release iPhone 8, iPhone X pricing

    Economic CBC News
    The first of the new iPhones are now available in Canada and wireless companies have released their pricing. With a two-year contract at Bell and Rogers, the iPhone 8 will cost $229 Cdn or $429 depending on the memory size. Source
  • Third round of NAFTA talks opens in Canada

    Economic CTV News
    OTTAWA -- A third round of NAFTA renegotiations has begun with chief negotiators from Canada, the U.S. and Mexico meeting in the Canadian capital. Canada's chief negotiator, Steve Verhuel, said Saturday that he doesn't expect this round to see any new U.S. Source