The federal government released Canada's Indo-Pacific Strategy this week, providing a guideline for future engagement with this massive economic region. The Canadian Chamber welcomed the news.
“In addition to increasing our presence in the region, much of the important work that needs to be done is here at home," Canadian Chamber of Commerce’s President and CEO Perrin Beatty said. "Any successful strategy must give an enhanced priority to building the trade-enhancing infrastructure that is needed to significantly increase our exports. Additionally, the rapidly-growing communities of Canadians who trace their roots to the region provide a much-underutilized source of people who speak the languages, understand the cultures and have networks of family and friends in the region and who could help to strengthen our trade and investment ties."
The Indo-Pacific accounts for 65% of the world's population and is Canada’s second-largest regional export market, after the United States, with annual two-way trade valued at $226 billion.
Almost 20% of Canadians have family ties in the Indo-Pacific, which also provides 60% of Canada’s international students.