Global trade more important than ever, Chrystia Freeland tells Toronto audience
Ottawa will spend $218M to promote Canada as place that welcomes foreign investment
Ottawa is more in favour than ever of global trade and signing free trade amendments, despite recent moves toward protectionism in other countries, International Trade Minister Chrystia Freeland told a Toronto business audience on Monday.
Speaking to the Toronto Board of Trade at a luncheon, Freeland said is "so proud" to be representing Canada on the world stage, because it is "the country that is most clearly bucking the trend" toward protectionism and closed borders.
Although she never mentioned him by name, Freeland's comments were pointed, given the election of Donald Trump, who won the recent U.S. presidential election on a platform of tearing up free trade agreements and renegotiating trade deals to be more protectionist in favour of the U.S.
"The geopolitics of trade are in flux like they haven't been since the Second World War," Freeland said. "There's a lot of uncertainty, [we're] facing very powerful protectionist and nativist trends."
Although it nearly fell apart in the 11th hour, Canada recently agreed to a broad free trade deal with the European Union, a pact that could cover as much as $20 trillion worth of trade in goods and services, but one that still needs final approval from the EU government.
Other trade deals, including the Trans-Pacific Partnership, are look increasingly unlikely to come to fruition despite years of effort from various governments.
Freeland stressed that Canada is as positive as ever to the concept of freer trade, and she says the country is uniquely poised to take advantage of the current global economy. "There's a window open for us," she said, "and we have to push really hard to get through it and pull people in."
"We are open for business," Freeland told journalists at a question and answer session following her speech.
New agency to promote trade
Part of that plan will be from the efforts of a new government agency, the Invest In Canada hub, which Ottawa announced the creation of earlier this year but Freeland gave more details on in her speech.
Ottawa will spend $218 million to fund the agency that Freeland describes as a "concierge service" for foreign investors to try to convince them Canada is the ideal place for them to put their capital to work.
According to a government backgrounder, the agency "will provide seamless, single-window client support targeted at high-impact investors. Funding will allow for new investment-attraction professionals responsible for marketing, outreach, business intelligence, research and investment aftercare."
"We believe that now is the time for partnerships and prosperity," Freeland said.
"Canada must be the world's location of choice for investors, and this new hub will directly contribute to job creation and middle-class prosperity. I am thrilled today to share details about this hub that will target international investment and boost Canada's competitive advantage around the globe."