Japan and Canada, despite having a long history of trade together remain distinct in many ways. However, there is growing anticipation in the business community that the two countries will become closer economically in the future.
Japan and Canada, despite having a long history of trade together, remain distinct in many ways. Both countries tend to give broader markets like the U.S. and China more business attention; however, there is growing anticipation in the business community that the two countries will become closer economically in the future.
As more protectionism is expected in trade policy in the U.S. and with the Brexit vote making the country move further away from integrating with other players in the global economy, Canada is seen as an attractive option.
U.S. restrained trade policies could also make other Asian countries head over to Canada. Japan and Canada have had an uncomplicated business relationship with Canadian companies exporting raw materials to Japan and Japan exporting manufacturing goods to Canada.
Canada exported around $9.6 billion worth of goods to Japan in 2015. The relationship between Japan and Canada could be a lot more natural in the years to come.
The sheer size of the Japanese market makes it an attractive, experts say. The country could also be a gateway to broader markets. All of this is possible if trade barriers between the two countries are removed.
The trading methodology could change; there are negotiations that are now underway that could bring about these changes. A free trade agreement is anticipated too. There are currently other efforts being taken to bring about changes in the business economy, linking both countries.
Canada has always been ready to change the traditional relationship it has with Japan, some experts feel. Both countries are looking forward to finding new ways to make significant investments in the corporate world.
There are many opportunities for Canada and Japan to forge better business relationships. One such is using Canada’s wealth of experience in public-private partnerships for knowledge transfer.
One of the main reasons new partnerships between the two countries is important is the importance given to free trade in both nations. Public-private partnership deals are typical in various sectors including transportation and infrastructure
Another industry relevant to modern society is the digital economy, which is increasingly becoming more critical. This could be especially important if the Trans-Pacific Partnership, which would govern consumers in 12 countries, is signed.
While Japan and Canada have had a good business relationship over the years, maybe this time it is time to step it up a notch which includes the digital economy where the real change can happen?