Report: Canada Must Strengthen its Relationships with Global Emerging Markets
By Andrea Wahbe on Jun 28, 2012 / Categories: CDMN News, Featured
On Tuesday, Gowlings (one of Canada’s largest business law firms) released the findings of a sponsored report that reflects a clear message from Canada’s top business leaders, policy experts and academics: it’s time for Canada to strengthen its relationships with the world’s emerging markets or risk being left behind.
“This report is an important wake-up call to governments and businesses alike,” said Gowlings strategic adviser and report co-chair Len Edwards, who previously served as Canada’s deputy minister for Foreign Affairs and for International Trade. “Gowlings’ support for this timely work reflects our appreciation of the challenges our clients face in forging winning strategies in a hyper-competitive 21st century, in which global wealth, opportunity and economic power are quickly shifting to emerging markets.”
Edwards and other co-authors of the report entitled Winning in a Changing World: Canada & Emerging Markets, hand-delivered their key findings to Prime Minister Stephen Harper during a private meeting. The report will also be shared with opposition leaders, premiers and territorial leaders.
Here are some of the highlights from the report:
- Emerging economies in China, India, Brazil, Columbia, Mexico, Korea, Turkey, Vietnam, Indonesia and South Africa are expanding at more than twice the rate of Canada’s more traditional markets.
- By 2015, emerging economies are expected to account for more than half the world’s production and consumption of goods and services.
- By mid-century, emerging markets are expected to be home to 70 per cent of the world’s wealth and 60 per cent of global trade.
- Canadians are currently minor players in these markets: less than 10 per cent of Canadian exports and less than four per cent of outward investment go to these emerging markets.
- To be competitive, Canadian firms must aggressively reach out to the world’s most promising and dynamic markets. In turn, federal and provincial governments must create an environment at home and abroad that enhances the capacity of Canadian businesses to be successful international players.
- A new partnership among all levels of government and the private sector is needed to lead more focused trade and investment negotiations, create a more competitive business environment in Canada, and build public awareness of the importance of global markets to Canadian prosperity.