Tag Archives: International Trade

Reform WTO And Resist Protectionism, Say Commonwealth Trade Ministers

Trade ministers from across the Commonwealth today made a commitment to resist all forms of protectionism, and to work urgently together towards reforming the World Trade Organisation, which sets the global rules for international trade.

Following a meeting in London, ministers from the 53 Commonwealth member countries declared their collective support for free trade in a transparent, inclusive, fair and open multilateral trading system, with the WTO as its core institution.

They agreed that any WTO reform should take into account the views of all members, underlining the special circumstances of the developing and the least developed countries, as well as small and vulnerable economies, including Small Island Developing States (SIDS).

group pic ctmm small.jpg

Ministers also endorsed an action plan designed to boost trade among their countries to at least $2 trillion by 2030, through the Commonwealth Connectivity Agenda. Intra-Commonwealth trade is projected to reach $700 billion by next year.

Commonwealth Secretary-General Patricia Scotland said:

“The multilateral trading system is the only way for our countries, as diverse as they are, to trade in a predictable, stable, transparent and fair environment. While the global trading system may be far from perfect, it is the surest pathway towards eradicating poverty.

“Building on this, the Commonwealth Connectivity Agenda will help businesses, including micro, small and medium sized enterprises, to plug into global trade networks and benefit from world trade. In this way, intra-Commonwealth trade offers immense opportunities to contribute to reducing poverty and achieving sustainable development.”

The Chair of the meeting, UK Secretary of State for International Trade and President of the Board of Trade Liz Truss said:

“The UK along with its Commonwealth partners has today clearly set out its commitment to fight against protectionism. We must work together to promote free trade and reform the multilateral system to make sure it works for every nation, small or large.

“Trade has the power to drive growth, jobs and opportunities – it is an essential tool in the fight against extreme poverty and insecurity.

“By sharing experience across the diverse Commonwealth community, we can help to break down existing barriers to trade which currently prevent businesses in all our countries from trading successfully.”

Ministers called for an end to the impasse regarding the WTO’s Appellate Body – a key panel of judges, whose rulings help resolve the trade disputes.

They highlighted the need to update WTO rules to address new challenges and opportunities, including e-commerce. They pledged support for a global agreement that would prohibit certain forms of fisheries subsidies that contribute to overcapacity and overfishing, and eliminate subsidies that contribute to illegal, unreported and unregulated fishing by the end of 2019.

In their communiqué issued from the meeting, ministers also welcomed progress made under the Commonwealth Connectivity Agenda, including the work of active country-led ‘clusters’ focused on five areas: digital, physical, regulatory, supply side and business-to-business connectivity.

The outcomes of the meeting will inform leaders’ discussions at the forthcoming Commonwealth Heads of Government Meeting in Kigali, Rwanda in June 2020. For the Silo, Jarrod Barker.

Read the full communiqué

Premier of Ontario’s Mission to China generates $2.5Billion in Business agreements

Premier Wynne Trade Mission To China Premier Kathleen Wynne concluded her second mission to China on Friday the 13th this month in Beijing, where 38 new agreements valued at $750 million were signed by delegates. This brings the estimated total value of agreements from the mission to $2.5 billion. The agreements are expected to create 1,700 jobs in Ontario.

 

At a signing ceremony in Beijing, Wing On New Group Canada Inc. signed three agreements totaling $230 million, including:

  • A $100-million agreement with JD.com to purchase Canadian produce and provide business services to Canadian enterprises in the Chinese e-commerce market.
  • An $80-million agreement with China Telecom Group Best Tone Information Co. Ltd. to import food and Canadian nutritional products to China. The Chinese company will also provide financial services to Wing On and jointly develop a Chinese e-commerce market with Wing On and JD.com.
  • An agreement with Cross-border City Americo Wholesale to purchase $50 million in Canadian produce over the next three years, and open 30 new stores in 2016, with an Ontario Produce Exhibition Booth in every new store.

Hydrogenics signed four certified integrator agreements to supply fuel cell technology for integration into zero-emission public transport buses. In aggregate, the company anticipates a market opportunity of up to $100 million in revenue over a 3 to 5 year period, with approximately $10 million in the first year.

image: niagarathisweek.com
image: niagarathisweek.com

Also in Beijing, CITIC Capital announced a $100 million investment towards Paradise, a new attraction and residential development in Niagara Falls. The development is led by China-based GR Investments Co. Ltd., which has purchased 484 acres of property located west of Marineland and adjacent to Thundering Waters Golf Club.

 

The Premier also announced that the Ontario Ministry of Agriculture, Food and Rural Affairs (OMAFRA) has hired a new agri-food trade advisor in Shanghai to assist Ontario food exporters. The advisor will increase food export sales by providing international market information and identifying suitable business opportunities and strategic alliances for Ontario food and beverage suppliers. OMAFRA already has trade advisors in India, the United Kingdom and the United States.

 

During the mission, the City of Wuxi, in Jiangsu Province, and the Region of Durham signed a Friendship Agreement, creating a sister city relationship to promote economic co-operation, trade and collaboration in education and tourism. Also in Wuxi, Trent University entered into a Partnership High School Memorandum of Understanding (MOU) with Wuxi No. 1 High School and Wuxi Foreign Language School.

 

Investments also formalized include Shenzhen Bauzer Investment Group Co. Ltd., which acquired an 80% share of EDI, a Toronto-based leader in the field of robotics automation. With this acquisition, Shenzhen Bauzer intends to create an additional 200 jobs in Ontario.

 

Attracting new investments and helping the province’s businesses compete globally is part of the government’s plan to build Ontario up by investing in people’s talents and skills, making the largest investment in public infrastructure in Ontario’s history, creating a dynamic, innovative environment where business thrives, and building a secure retirement savings plan.

 

QUOTES

 

“Trade is essential for Ontario’s economic growth and international competitiveness. This mission has strengthened Ontario’s political and economic ties with China. By signing new trade agreements valued at $2.5 billion and further developing our relationships with political leaders, Ontario has made a significant impact throughout this mission.”

— Kathleen Wynne, Premier of Ontario

 

“The tremendous success of the mission is further evidence of the enduring relationship between China and Ontario and the compelling business case our province offers for global investment. Our government will continue working collaboratively with the private sector and research community to build an innovative, dynamic economy that supports long-term growth and job creation.”

— Brad Duguid, Minister of Economic Development, Employment and Infrastructure

 

“China is an important and long-term partner for Ontario in trade development, investment attraction, and science and technology collaboration. Our diversity and our highly skilled workforce are advantages that allow Ontario to create products and services for the global marketplace. The successful signings from this mission reinforce Ontario’s position as a top trading economy and will help create more jobs and economic opportunities across our province.”

— Michael Chan, Minister of Citizenship, Immigration and International Trade

 

QUICK FACTS

 

  • On the final day of the mission, Ontario delegates signed 38 agreements, which are valued at $750 million.

 

  • Ontario delegates signed more than 100 agreements and MOUs during the mission, with an estimated total value of $2.5 billion.
  • Over the last two years, Premier Wynne’s 2014 and 2015 missions to China have generated agreements worth an estimated $3.8 billion — including agreements signed by delegates during and after the missions.

 

LEARN MORE

 

Discover why Ontario’s highly diversified economy is attractive to investors

 

Read about Ontario’s Going Global Trade Strategy