Diversifying trade to be a hot topic at Western Canada forum

Article content

Expanding trade with countries other than the United States will be a hot topic when the Western Canada Economic Forum comes together in late January.

Article content

Article content

Chris Dekker, chief executive of Saskatchewan Trade and Export Partnership (STEP), an organization that supports the province’s exporters, will be one of the speakers at the event being held Jan. 29 to31 in Regina.

Article content

He will be talking about the potential to do increased business in some overseas markets, he said.

“My session will be specifically about the opportunities in markets in Asia and the Pacific Rim.”

Dekker said with U.S. President-elect Donald Trump talking about imposing tariffs on imports when he takes office next month, now is a good time for exporters to look at alternative markets.

Similar to the rest of Canada, he said the Western provinces export the majority of their goods to the U.S.

However, “Saskatchewan is a little bit more diverse,” he said. “Between 50 per cent to 60 per cent of our exports go to the United States and the national average is around 77 per cent.”

Dekker said Asia-Pacific markets could use more imports from Western Canada, including China, India, Japan, Indonesia and Bangladesh, which have recently been some of the major export markets for Saskatchewan.

“Now is the time to talk about increasing that capacity and look at what the alternatives are and what the opportunities and barriers are to doing business in the Asia-Pacific,” he said.

The Asia-Pacific region is also attractive for exporters because many of its countries, including India and South Korea, have signed free trade agreements with Canada, while Indonesia is currently in talks with Canada to potentially sign an agreement.

Article content

Article content

“These free trade agreements mean we have preferred access into very large and growing markets,” Dekker said.

His talk will address current trading relationships and their successes, and places where there is potential for growth.

“Also, what are the barriers? Because every market has its unique set of issues and challenges that need to be overcome,” he said.

Current exports to Asia-Pacific from Saskatchewan include potash, fertilizer and oil, along with various crops and agricultural products, including machinery.

“We’re looking to not only expand on those exports, but look at new exports that we might be able to add,” he said.

Alex Fallon, founder and chair of the forum, said the event will cover a range of other topics, including economic reconciliation, the overall economic outlook, geopolitical issues and oil and gas.

“The focus is on those key sectors of the West, definitely energy, oil and gas, and also mining, so we have BHP, for example, speaking, so potash and uranium (are) on there,” he said.

Fallon said around 250 people are expected to be in attendance, representing chambers of commerce and trade associations from all of the Western provinces, as well as business and government leaders.

Article content

With exports being an important economic driver, trade will be a major source of discussion at the forum, especially since the situation with the U.S. is likely to be more clear when the conference gets underway, he added.

“By the end of January, President-elect Donald Trump will have done the inauguration, and the forum is a week after that; so in terms of timing, it’s going to be really interesting to get an update on these issues.”

Along with possible U.S. tariffs, Fallon said political turmoil involving India and China also has the potential to affect exporters in the Western provinces.

• Email: mhansen@postmedia.com

The Saskatoon Star Phoenix has created an Afternoon Headlines newsletter that can be delivered daily to your inbox so you are up to date with the most vital news of the day. Click here to subscribe.

With some online platforms blocking access to the journalism upon which you depend, our website is your destination for up-to-the-minute news, so make sure to bookmark thestarphoenix.com and sign up for our newsletters so we can keep you informed. Click here to subscribe.

Article content