China and Canada have solid foundation of good relations and bright prospects. Both states have neither any grievances nor foreseeable major conflicts of interests. Their economy is at different stages of development and highly balancing which make them natural partners of cooperation. The both sides uphold multilateralism and cultural diversity, and are important players of international system which further emphasize that both to expand their multidimensional cooperation.
China has opened its new multidimensional cooperation strategy under the flag of ‘Belt and Road Initiative (BRI)’ which has the potential to be perhaps the world’s largest platform for global collaboration. It actually, represents the China’s version of an invitation to the global community to engage with its most determined trade and infrastructure projects.
China has also made it clear that BRI creates no boundaries, and any country can join in its own way. Officially China has invited Canada to participate, especially as an investor and partner to provide its expertise in economy, green technology and sustainability.
After reviewing the Chinese invitation Canada has joined the Asian Infrastructure Investment Bank (AIIB) which is also one of the important components of BRI. And Canadian Ambassador John McCallum and Parliamentary Secretary Pamela Goldsmith-Jones participated in the BRI Summit.
BRI is offering great opportunity to Canada to flourish its capabilities in terms of infrastructure development, energy resources, industrial investment, green economy, financing, people to people exchanges, and advanced manufacturing. It can strengthen cooperation with Asian and Latin American countries.
Apart from the Canadian government, its business community has also huge opportunities to take advantages of BRI that ultimately will extend their well beyond physical infrastructure to the development of key social infrastructure projects, including education and the provision of legal, financial, medical, and other professional and social services.
Canadian business community also believes that BRI would open new and vast opportunities for their business. Some of the leading companies have already decided to take steps to invest in countries along the BRI route. Such as, Quebec-based Bombardier company has recently announced its plan to make a C$100 million technology transfer investment into Turkey. Similarly, Calgary’s Grand Power Logistics has tapped into the BRI by expanding its operations in China to include a cross-continental rail service.
China believes that there are many methods and tools available to help Canadian business community to involve in BRI. United Stats withdrawal from Trans Pacific Partnership has further forced Ottawa to talk on a free trade agreement with China for greater trade liberalization and stronger cooperation.
China has already notified that without the participation of Canadian government, the proceeding of BRI would be more difficult. And traditionally, Canada has a viewed as reliable partner of China in the Western world, and Canadians regarded in very high esteem within Chinese society.
No doubt, Canada has always played greater role in multilateralism. The formal participation in BRI would help Canadian government and relevant business associations to secure contracts in the governmental procurement of goods and services along the BRI route. It further make Canada in a greater bargaining position when it comes to negotiating the terms and conditions of such contracts.
Belt and Road Initiative has become the dimension of facilitates which provides the market engines to developed, developing, and underdeveloped countries. The initiative is a clear and open strategy that gives guarantee for perfect-market economy.
Over the years China and Canada are cooperating in all fields, their partnership will create certain difference in the world economy and politics. BRI would help both nations to explore ways to spread their multilateral policy. It will ultimately build synergy between each other’s development strategies and economic prosperity in the Asia-Pacific region and world.
|Enjoy the article? Then please consider donating today to ensure that Eurasia Review can continue to be able to provide similar content.|