Canada's Global Markets Action Plan

The Global Markets Action Plan (GMAP) is Prime Minister Stephen Harper's government strategy to generate employment opportunities for Canadians by expanding Canadian businesses and investment in other countries in a highly competitive global environment.[1][2][3]

After Ed Fast was appointed Minister of International Trade in 2011, Harper asked him for a blueprint priotising trade in Canada's foreign policy.[2] On November 27, 2013, Fast delivered a comprehensive report on a Global Markets Action Plan.[4]

Stephen Harper speaking at the World Economic Forum in Davos in 2012.

History

Harper's government was highly concerned to maintain Canada's competitive position in international trade which is equivalent to more than 60 percent of Canada's annual gross domestic product; one out of five jobs was created by the global market presence.[1][2][3]

In 2007, the government launched its Global Commerce Strategy for expanding Canada’s trade network, strengthening its competitive position in its traditional markets, and extending its reach to new emerging markets. The strategy was successful and led Canada to finalize seven different free trade pacts. It also activated for an Economic Action Plan 2012 with the wider participation of Canada’s business community to identify new markets, strengths and opportunities.[1][2][3]

Finally they all have come out with the new Global Markets Action Plan on November 27, 2013 to achieve these objectives.[1][2][3]

Target markets

The plan targets distinctive three different markets;[4]

Key elements

The plan includes the following key elements:[4]

Advisory council

Ed Fast installed a nine-member advisory council consists of Canada's leading corporate leaders.[5]

Trade promotions

Business Development Bank of Canada at Hamilton, Ontario; the bank's mandate is to help create and develop Canadian businesses through financing, growth and transition capital, venture capital and consulting services, with a focus on small and medium-sized enterprises.

Global Markets Action Plan has been planned in a way to make significant impact on Canada’s trade-promotion efforts facilitating Canadian businesses to optimize their export potential in overseas markets; which creates jobs and opportunities for workers and their families in Canada.[6]

Small and Medium-sized Enterprises(SMEs)

In March 2015, Harper permitted a $50 million financial assistance over a period of five years to facilitate the Canadian small and medium-sized enterprises (SMEs) on market research and participating trade missions; the funding will help approximately 500 to 1000 entrepreneurs in Canada yearly to reach their full export capacity.[6]

Five-Year Target to Increase SMEs Exporting to Emerging Markets

Global Markets Action Plan outlines how to support Canada’s critical SME sector to establish in emerging markets. The ultimate goal of the strategy is to increase SME export presence in emerging markets from 29 percent to 50 percent by 2018 and from 11,000 to 21,000 companies; this growth would create over 40,000 net new jobs.[4]

“ In a fiercely competitive global economy, Canada cannot be complacent.

We must be more aggressive and effective than the intense competition we face as we advance Canada’s commercial interests in key global markets. This new plan represents a sea change in the way Canada’s diplomatic assets are deployed around the world, and in so doing, we are ensuring that the commercial success of Canadian firms and investors is entrenched as one of our core foreign policy objectives.		 ”
Ed Fast - Minister of International Trade[4]

Steps to improve the SMEs

Trade Commissioner Service

Harper extended another $42 million over five years to enhance the Canadian Trade Commissioner Service, with $9.2 million per year thereafter. The funding will facilitate the expanded trade services: Canada opened four new trade offices in China, bringing the total number of offices there to 15, with more than 100 trade commissioners; and it strengthened its support network in India, where there are eight offices and nearly 50 trade commissioners. There are more than 25 trade commissioners being trained placing in number of business associations in order to gain better understanding of the Canadian exports.[6]

See also

References

  1. 1 2 3 4 "Global Market Action Plan". Canada’s Economic Action Plan. Retrieved April 19, 2015.
  2. 1 2 3 4 5 "Tories’ new foreign-affairs vision shifts focus to ‘economic diplomacy’". The Globe and Mail. November 27, 2013. Retrieved April 19, 2015.
  3. 1 2 3 4 "There Is More to Foreign Policy Than Trade". Canadian International Council. November 28, 2013. Archived from the original on May 11, 2015. Retrieved April 19, 2015.
  4. 1 2 3 4 5 "Harper Government Launches New International Trade Plan". Foreign Affairs, Trade and Development Canada. November 27, 2013. Retrieved April 25, 2015.
  5. ↑ "Stephen Harper: Conservative? Maybe not". Maclean's. April 11, 2015. Retrieved April 23, 2015.
  6. 1 2 3 4 "Global Markets Action Plan Supports Canadian Small and Medium-Sized Enterprises". Government of Canada:News. April 8, 2015. Retrieved May 1, 2015.
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