Close X
Monday, December 23, 2024
ADVT 
National

Indo-Pacific strategy 'good news' for farmers

Darpan News Desk The Canadian Press, 29 Nov, 2022 10:59 AM
  • Indo-Pacific strategy 'good news' for farmers

OTTAWA - Agriculture commodity groups are applauding the Liberal government’s long-awaited Indo-Pacific strategy and hoping it will lead to more, and better, free trade deals.

The strategy, announced Sunday in Vancouver, includes commitments to increase military spending and build closer ties with countries such as India.

Included in the $2.3-billion plan is a promise to earmark $244.1 million for improving trade between Canada and countries in the region.

While no specific targets or benchmarks are included in the strategy, and questions remain over how effectively the dollars will be spent, the heightened focus on the region is being celebrated by agriculture groups in Canada.

Todd Lewis, a Saskatchewan-based farmer and a vice-president of the Canadian Federation of Agriculture, says it is "good news for Canadian agriculture."

"It is another signal that the government of Canada is serious about trying to establish both trade deals as well as trade relationships," he said. "It is something that we hope will grow and continue to be successful."

Canada’s Indo-Pacific strategy seeks new trading relationships, as well as the expansion of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, or CPTPP, by adding new members.

The pact, which already includes heavyweights such as Australia, Japan and Mexico, entered into force four years ago. The United Kingdom, the Philippines, Indonesia, Taiwan and China have applied for membership.

Leif Carlson, director of market intelligence and trade policy for Cereals Canada, said the Indo-Pacific strategy should be viewed through a long-term lens as a way to deepen those trade relationships.

"I hope that the Indo-Pacific strategy is going to be complementary to the CPTPP," he said.

Some agricultural producers say the deal has not lived up to expectations and its implementation has been slow.

"Some of these trade deals aren't maybe what they thought they would be, or what we hoped they would be, and a little bit slow getting off the ground," said Lewis.

Jim Everson, president of the Canola Council of Canada, said he hopes the strategy "builds on the CPTPP" and adds momentum to a prospective deal with the Association of Southeast Asian Nations, known as ASEAN.

Canada has been trying to strike a trade deal with ASEAN, a bloc of 10 countries in Southeast Asia, since 2017.

After a public consultation on a potential deal in 2018, the two parties agreed to proceed with negotiations in 2021, with Prime Minister Justin Trudeau announcing funding to help ASEAN nations take part in trade-deal negotiations at a summit held by the bloc earlier this month.

Canada has also moved toward negotiating more bilateral deals in the region, including with India and ASEAN member Indonesia.

MORE National ARTICLES

Canadian city gets first turban-wearing Sikh woman councillor

Canadian city gets first turban-wearing Sikh woman councillor
Brar, a respiratory therapist and a mother of three, won the race for City Councillor in Wards 2 and 6, beating Jermaine Chambers, a former Conservative MP candidate for Brampton West. Brar had 28.85 per cent of the votes cast on Monday with Chambers as nearest contender with 22.59 per cent, and Carmen Wilson coming in third at 15.41 per cent, the Brampton Guardian reported.

Canadian city gets first turban-wearing Sikh woman councillor

Interest rate hiked to 3.75% due to inflation: BOC

Interest rate hiked to 3.75% due to inflation: BOC
In Canada, the economy continues to operate in excess demand and labour markets remain tight. The demand for goods and services is still running ahead of the economy’s ability to supply them, putting upward pressure on domestic inflation. 

Interest rate hiked to 3.75% due to inflation: BOC

Record share of Canadians are immigrants

Record share of Canadians are immigrants
Previously, the majority of immigrants to Canada came from Europe, but now most immigrants come from Asia, including the Middle East. One in five people coming to Canada were born in India, the data shows, making it the top country of birth for recent arrivals. 

Record share of Canadians are immigrants

B.C. park reopens after pandemic closure

B.C. park reopens after pandemic closure
Peace Arch Provincial Park, the nine-hectare park that straddles the B.C.-Washington state border south of Vancouver, reopened Monday after being closed more than two years ago amid pandemic-related border closures.

B.C. park reopens after pandemic closure

Feds reject Rogers-Shaw deal, leave door open

Feds reject Rogers-Shaw deal, leave door open
Shaw's ownership of Freedom Mobile has widely been seen as the main obstacle to the deal's approval, and Montreal-based Videotron earlier this year agreed to buy it for $2.85 billion. But Champagne said before he would approve the Videotron deal, he requires additional concessions.  

Feds reject Rogers-Shaw deal, leave door open

Freeland stresses Bank of Canada's independence

Freeland stresses Bank of Canada's independence
The central bank is expected to raise its key interest rate by half or three quarters of a percentage point on Wednesday in an effort to clamp down on decades-high inflation, making it the sixth consecutive rate hike this year.

Freeland stresses Bank of Canada's independence