What do businesses in Alberta need from an Indo-Pacific strategy?
February 2023
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Alberta and the Indo-Pacific
The Indo-Pacific region is important for Alberta. It contains three of Alberta’s top five trade partners after the United States. It was the destination for approximately $14 billion worth of provincial exports in 2022, including energy products, agriculture and agri-food, forestry products, chemicals and other goods and services. The region is the fastest growing in the world with a nearly $50 trillion economy. It is also a significant source of in-migration for the province, with strong and growing cultural communities from the region. Alberta is well placed to build its economic relationship with the Indo-Pacific.
But there are challenges. The global relationship with China has become increasingly complex. Alberta’s exports – its agricultural exports in particular – have faced arbitrary trade barriers in several countries. And Canada’s infrastructure constraints remain a challenge.
Last December, the federal government announced a new Indo-Pacific Strategy to re-focus, re-order and re-prioritize its resources in Asia and the Indian sub-continent.
To implement the strategy the federal government has proposed over $2 billion in new spending in Canada and abroad, of which just under half will be some form of support for economic activities. This includes investments to create a new agricultural office in the region, expand natural resource ties, clean energy demonstration, and labour and investment attraction among others.
The specifics of the strategy and its implementation are still being developed in Ottawa. A window currently exists to influence the development, specific focus and implementation in Canada and in the region.
Further reading:
Backgrounders
What do businesses in Saskatchewan need from an Indo-Pacific strategy?
What do businesses in Manitoba need from an Indo-Pacific strategy?