Canadian ag exports eye Asian expansion
Canadian Minister of Agriculture and Agri-Food Lawrence MacAulay announced a $23 million fund for agricultural industry stakeholders under the AgriMarketing Program, as the North American nation looks to Asia to expand and diversify its agricultural exports.
MacAulay traveled to Vietnam, Japan and South Korea to meet with key industry groups, facilitate new business opportunities and connections, promote Canada's agri-food portfolio, and engage with local government representatives.
“When I first became minister in 2015, our agricultural exports were $56 billion. As I return to the portfolio, we've increased that number to over $92 billion. My goal is to continue to grow our exports, and that starts with opening markets and creating opportunities for our hardworking Canadian farmers," says MacAuley.
Unveiled in November 2022, the main priorities outlined in Canada's Indo-Pacific strategy include expanding trade, investment and supply chain resilience by strengthening and diversifying the nation's economic partnerships.
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Canada is further bolstering its presence with a commitment to open the first-ever Indo-Pacific Agriculture and Agri-Food Office (IPAAO) in Manila, Philippines.
Last year, Canadian agriculture and food exports to Japan reached $5.4 billion, making it Japan's sixth largest supplier for the category.
South Korea is an important market as well, as it’s home to Canada's first bilateral free trade agreement in the Indo-Pacific.
In 2022, Canada's agriculture and agri-food exports to said region totalled $21.8 billion. During the 2018-2022 period, agriculture and agri-food exports to the region expanded by nearly 7%, while imports from the region have grown by nearly 9%.