Trade turnover: Alberta looks East for new markets
Alberta looking to work with Asian markets, says it's in a good position with U.S.
Alberta's economic development minister says the change in administration in the United States may present new opportunities for Alberta to expand trade with partners in Asia, especially in China.
"Anytime that a country decides to turn the taps down on trade with one country, that means there are opportunities for others," says Deron Bilous, who wants to lead two new trade missions to Asia in 2017 with emphasis on China.
While Alberta looks beyond the continent for new markets, Bilous says Alberta is also well-positioned to build relationships with the administration of U.S. President Donald Trump.
"Alberta has a seasoned representative career diplomat who is in Washington on the ground," Bilous said. "We'll look at ways to work with the administration to ensure we express Alberta's interest and willingness to co-operate."
$3 billion in exports to China
As Canada prepares to enter exploratory talks with China on a new free trade agreement next month, Jia Wang, acting director of the China Institute at the University of Alberta, says this is an opportunity to build on the $3 billion in trade exports from Alberta to China annually.
"When the U.S. is looking more inwards, it's great for Canada to engage partners globally, including Asia and China particularly, as it just provides more opportunity," says Wang.
Wang says China appears fairly open to expanding its global trade network and may even be willing to loosen its notoriously complex regulatory system for foreign operations.
"There's a delicate balance that would have to be achieved, but generally speaking the Chinese government is under pressure to further open their market and I think that should be reflected in free trade negotiations," says Wang.
Alberta and China already have significant trade deals involving canola seed, chemicals and wood-based products, but Wang says there is room for substantial growth.
"We are rich in agriculture and energy resources so there are quite a few areas the two sides can look at to see how they can lower tariffs or facilitate transactions to increase trade volume," says Wang.
Wang adds there is also a growing need for energy from renewable and clean energy sources. She says with that emphasis comes increased funding and opportunities to sell expertise.