Canadian Companies and Diplomats Seek Diversified Trade Amid US Tariff Threats
Canadian companies and diplomats are working together to diversify trade as the US threatens to impose steep tariffs. "We want to be part of the solution, in terms of creating new business opportunities and diversifying trade," said Tjorven Bellmann, Germany’s ambassador to Canada, at a press briefing ahead of the Hannover Messe, the world’s largest trade fair.
The event, which will take place in Germany, will bring together about 130,000 in-person attendees, including engineers and CEOs, along with 4,000 exhibitors from 156 countries. Canada is this year’s partner country, and Industry Canada has been working with Canadian corporations and potential partners on multiple continents to lay the groundwork for deals to be signed at the fair.
Canadian companies will have a prominent physical space at the fair, and they will help lead various sessions, including the Eureka summit on research projects geared toward commercialization. Canada will be the first non-European country to co-chair that session, following its recent membership in the EU’s large Horizon Europe research fund.
Stéphane Lessard, acting director-general for European affairs at Global Affairs Canada, said Germany shares with Canada values that are "being challenged around the world" and Ottawa is seeking partnerships on innovation and research that have longer timelines than trade in goods. "Canada is looking for friends that share our values, so this really matters," he said.
Jayson Myers, head of Next Generation Manufacturing Canada, noted that the event is an opportunity for Canadian companies to meet with new suppliers, new innovation partners, and see what is the leading edge. "These discussions are much more important than ever," he said.
Earlier this month, Germany’s diplomatic missions and trade agency released a joint statement with the Canadian-German Chamber of Industry and Commerce, saying that Berlin wants more trade and investment with Canada. The statement noted that bilateral trade has endured throughout the COVID-19 pandemic and there is "room to improve." "We don’t reap CETA’s full potential," the statement reads.
Conclusion:
Diversifying trade is crucial for Canada in the face of US tariff threats. Canadian companies and diplomats are working together to create new business opportunities and strengthen relationships with European partners. The Hannover Messe trade fair is an important opportunity for Canadian companies to showcase their products and services and find new partners and suppliers.
Frequently Asked Questions:
- How is Canada diversifying its trade in the face of US tariff threats?
Canada is working with European partners, including Germany, to find new opportunities for trade and investment. - What is the Hannover Messe trade fair?
The Hannover Messe is the world’s largest trade fair, which will take place in Germany. It will bring together about 130,000 in-person attendees, including engineers and CEOs, along with 4,000 exhibitors from 156 countries. Canada is this year’s partner country. - What is CETA?
CETA stands for the Comprehensive Economic and Trade Agreement between Canada and the European Union. It is a trade deal that has not yet been fully implemented.
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