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Question 9: ProsperityShould Canada focus on cultivating new economic partnerships with emerging
powers such as China, India, Mexico and Brazil?
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| Contributor: | 1903 |
| Date: |
2003-05-01 18:27:59 |
| Answer: |
Most certainly!
Canada has become extremely dependent upon the US over the past twenty five years and more so since NAFTA came into effect. True, proximity and shared values can account for this and justify our failure to expand our economic relationships with other nations more than we have done so . However, continued dependency on the US should be analyzed in the long term context. Both political and economic considerations should be weighed heavily within the framework of Canada's best interests. Latin America represents an important potential that should be pursued both bilaterally and through the FTAA. China is posed to become the largest economy in the 21st. century, in 2002 it has already surpassed the United States as the largest recipient of FDI, annual growth in GDP has been steady and continues around 8 %. The political and economic changes that have taken place will gradually bear fruits. More importantly, although the US represnts 25 % of the world economy and more than 80 % of our own trade, one should pursuing efforts to develope the remaining 75 % both for economic and stragetic political interests. Lastly political and economic ties with the EU should be both strengthend anbd further developed. |
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