Trade mission to Asia develops new markets for B.C.

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Canada-Korea Free Trade AgreementSukhjeevan Sharma,

INVC,
Canada (BC) ,
Building on the momentum of last year’s trade mission to Asia, Minister of International Trade Teresa Wat’s recent trade mission to China, South Korea and Japan has strengthened B.C.’s long-standing relationships with key Asian markets, while opening the doors for a new market in China and advancing the economic benefits of the Canada Korea Free Trade Agreement.

Significantly, a memorandum of understanding (MOU) on economic partnership was signed between B.C. and Qingdao, Shandong Province in China. Qingdao is the leading commercial city in a province of more than 96 million people. The MOU formalizes B.C’s partnership with the Chinese city and paves the way for increased trade and investment ties in key sectors, including ocean technology, agriculture, international education and clean technology.

This MOU is part of B.C.’s strategy to support companies so they can break into emerging second-tier cities across China, and this agreement in particular provides B.C.’s trade and investment representatives in China the ability to engage Qingdao-based companies on investment attraction and export development. This is Qingdao’s first economic partnership with a Canadian jurisdiction.

While in Qingdao, Wat also supported 18 B.C.-based seafood companies participating in the China Fisheries and Seafood Exhibition, China’s largest annual seafood trade show. China is B.C.’s second-largest market for fish and seafood products. B.C. exported $163 million worth of fish and seafood products to China in 2013, up 35% from 2012.

Wat also engaged with senior Chinese officials in Qingdao to advance efforts to connect B.C.’s ocean technology industry to the commercial opportunity associated with China’s “Blue Economy” initiative, which is focused on growing China’s ocean-related industries. As a leading centre for ocean related technology and expertise, B.C. companies are positioned to benefit greatly from China’s investment in this area.

In South Korea, Wat focused on identifying new export opportunities for B.C. under the Canada-Korea Free Trade Agreement (CKFTA), which is expected to go into effect in 2015. Wat is the first Canadian provincial trade minister to visit Korea since the signing of the CKFTA, and used this visit as an opportunity to underscore the importance of the South Korean market for B.C. exports. South Korea is B.C.’s fourth largest export market, and Canadian exports to South Korea are expected to grow by 32% under the CKFTA.

The visit to Japan focused on promoting B.C. as a stable partner and resource market for Japan’s future energy needs, including liquefied natural gas (LNG). Japan’s investment will play a critical role in the development of B.C.’s LNG industry.

Wat led a delegation of leading business and service providers and held discussions with key Japanese companies to invest in B.C. and locate their North American presence in the province. She also engaged with new investors in sectors like digital media and aerospace, and discussed two potential partnership agreements between B.C. post-secondary institutions and Kyoto University.

This trade mission is part of a commitment made in the BC Jobs Plan to strengthen existing relationships between B.C. and Asia by opening doors for new relationships and setting the stage for future opportunities.

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