About 20 per cent of Canada’s beef exports are destined for the Indo-Pacific market, with the top five markets being Japan, Mainland China, South Korea, Vietnam, and Hong Kong.
The CCA notes the economies in the Indo-Pacific region with the highest beef export growth potential include Vietnam, Indonesia, Thailand, and the Philippines.
The Vietnam market for Canadian beef has been growing fast from $8 million CDN in 2019 to $129 million CDN in 2022.
Meantime, Canadian beef exports to the Philippines grew from $5 million CDN in 2020 to $13 million CDN in 2022.
Canada says the new Indo-Pacific Agriculture and Agri-Food Office will focus on advancing mutual trade objectives for the sector through a mobile team that will work directly with Canadian diplomatic missions, Canadian stakeholders, foreign interlocutors, and decision-makers.
Federal Agriculture Minister Marie-Claude Bibeau says the Philippines is an important partner under the Indo-Pacific Strategy.
"Hosting this new Office is an opportunity to build on our economic relationship, and enrich people-to-people ties. Our Government will continue to help Canadian farmers, food processors, and exporters maximize their opportunities, and diversify their markets in the world’s fastest-growing economic zone."
In 2022, Canada’s agriculture and agri-food exports to the Indo-Pacific region totalled $21.8 billion.
Stats show that our agriculture and agri-food exports to the region increased by nearly 7% from 2018 to 2022, while our imports from the region have grown by nearly 9%.
Global agrifood and seafood imports into ASEAN markets have increased by 177% from 2012 to 2022 (from CA$72 billion to CA$200 billion).
Canada has trade agreements in force with several key markets in the Indo-Pacific region, including South Korea under the Canada-Korea Free Trade Agreement (CKFTA), and with Australia, Japan, Malaysia, New Zealand, Singapore and Vietnam under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
Source : Pembinavalley online