Author: Michael Holden, Senior Economist
Through the Gateway: Unlocking Western Canada’s Potential for Economic Diversification by Expanding Trade with Asia-Pacific provides the background and the numbers that show the importance of this region to western Canada’s economic prosperity.
With Asia-Pacific being home to over half the world’s population and exports from the four western provinces to the region accounting for two-thirds of Canada’s total exports (totalling 9.6 Billion in 2009,) Asia-Pacific is second most important, only to the U.S.
The report describes two ways in which trade with Asia-Pacific countries promote economic diversification in western Canada:
1) export market diversification and
2) export product diversification
It is clear that expanding trade and investment with Asia-Pacific is a recognized policy priority by both the federal and provincial provinces, who have been taking steps to reduce barriers to trade and investment. However there is more work to be done to ensure that western Canada is in the best possible position to capitalize on the tremendous economic opportunities presented by China, India and other Asia-Pacific economies.
This report is part of the Canada West Foundation’s Going for Gold Project.
To view the summary report for Through the Gateway: Unlocking Western Canada’s Potential for Economic Diversification by Expanding Trade with Asia-Pacific, click here.