OTTAWA — Canada has signed another deal to export its nuclear expertise to a growing Asian market.
OTTAWA — Canada has signed another deal to export its nuclear expertise to a growing Asian market.
OTTAWA — Canada has signed another deal to export its nuclear expertise to a growing Asian market.
Federal Trade Minister Mary Ng led a delegation of 190 companies and organizations to Indonesia and the Philippines this week, her latest mission in pursuit of expanded Canadian business opportunities in the Pacific.
Talking Points
The trip included the signing of a new pact with the Philippines to help guide that country through its transition to cleaner nuclear power.
It’s the latest in Ottawa’s efforts in Asia and beyond to establish Canada’s image as a nuclear powerhouse.
Developing and expanding trade ties outside of North America has taken on new significance in light of U.S. president-elect Donald Trump’s threats to impose 25 per cent tariffs on all American imports from Canada and Mexico.
In November, Prime Minister Justin Trudeau announced plans to sign a comprehensive trade deal with Indonesia next year, giving Canada a foothold in Southeast Asia’s largest economy. In a call from Manila Thursday, Ng told The Logic she also has begun exploratory talks on a bilateral free trade agreement with the Philippines, one of the fastest-growing economies in Asia.
Energy security is a major priority for both countries, said Ng, and Canada has a lot to offer.
“Canada is a tier-one nuclear country,” she said.
The agreement Ng signed on nuclear power co-operation “allows Canada and the Philippines to work together more closely, so that we can share our expertise on the full supply chain, from the mining of uranium to the technology, to the reactors to safety standards.”
Trudeau announced a “trade gateway” for nuclear development at the Asia-Pacific Economic Cooperation (APEC) Leaders’ Summit last month in Peru to link countries in the region with Canadian business and expertise.
In exchange for Canadian know-how, the government hopes Canadian nuclear companies will have greater access to farther-flung markets and create more investment ties between Canada and a critical region of the world.
Already the federal nuclear regulator is making deals to share expertise with its counterparts in places like Poland, Romania and Estonia. Canadian suppliers are preparing to sell components for the comparatively small generators in new markets.
While Ng said maintaining Canada’s ability to do business with the U.S. is a high priority given how enmeshed the two economies are, Canadian companies are “acting with their feet” by diversifying and looking for opportunities in other markets like Indonesia and the Philippines.
Trump’s protectionist tendencies also present a possible opportunity for Canada, she said, as other countries look for trade opportunities outside the United States.
“They want to look at Canada as an entry point into the North American market,” she said.
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