{"id":57542,"date":"2021-04-06T19:22:00","date_gmt":"2021-04-06T19:22:00","guid":{"rendered":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/money-academy\/economics-101\/economics-for-beginners\/global-trade-is-entering-a-new-era-and-canadas-exporters-need-to-take-hold-of-it\/"},"modified":"2024-03-18T13:49:12","modified_gmt":"2024-03-18T17:49:12","slug":"global-trade-is-entering-a-new-era-and-canadas-exporters-need-to-take-hold-of-it","status":"publish","type":"rbc_my_money_matter","link":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/money-academy\/economics-101\/economics-for-beginners\/global-trade-is-entering-a-new-era-and-canadas-exporters-need-to-take-hold-of-it\/","title":{"rendered":"Global Trade is Entering a New Era and Canada&#8217;s Exporters Need to Take Hold of it"},"content":{"rendered":"<div class=\"wp-block-rbc-single-article-header\">\n\t<section class=\"section-grey cover pad-t-hlf\">\n\t\t<div class=\"section-inner w-half w-mob-full centered-margin cover section-grey pad-tb-0\">\n\t\t\t\t\t\t\t<div class=\"inline-block pill-container pill-taxonomies\">\n\t\t\t\t\t<div class=\"mar-b-hlf mob-mar-b snipe pill is-style-blue-pill\">\n\t\t\t\t\t\t<a class=\"primary-taxonomy\" href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/ideas-and-insights\/\">\n\t\t\t\t\t\t\t<span>Ideas and Insights<\/span>\n\t\t\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<h1 class=\"mar-b-hlf mar-t-0 mob-pad-lr-hlf h2 has-black-color\">Global Trade is Entering a New Era and Canada&#8217;s Exporters Need to Take Hold of it<\/h1><p class=\"mar-b-0 mob-pad-lr-hlf author-text\">By Naomi Powell<\/p>\t\t\t\t\t<div class=\"featured-image-wrapper pos-rel\">\n\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"930\" height=\"620\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/Thumbnail-default-509.jpg?quality=80\" class=\" cover-image  wp-post-image\" alt=\"\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/Thumbnail-default-509.jpg 930w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/Thumbnail-default-509.jpg?resize=300,200 300w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/Thumbnail-default-509.jpg?resize=768,512 768w\" sizes=\"auto, (max-width: 930px) 100vw, 930px\" \/>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t<\/section>\n\t<div class=\"article mar-t-dbl\">\n\t\t\t\t<section>\n\t\t\t<div class=\"section-inner socials-section\">\n\t\t\t\t<div class=\"top-socials-bar mob-mar-b-hlf\">    <div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n            <a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=Global Trade is Entering a New Era and Canada&#8217;s Exporters Need to Take Hold of it &#038;body=Hi, I thought you might be interested in this article from RBC My Money Matters: https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/money-academy\/economics-101\/economics-for-beginners\/global-trade-is-entering-a-new-era-and-canadas-exporters-need-to-take-hold-of-it\/\">\n        <img decoding=\"async\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-email.svg\"\n          alt=\"envelope icon\">\n        <span>\n          Email        <\/span>\n      <\/a>\n      <div class=\"social-button-wrapper sharing-copy-wrapper\">\n        <button class=\"sharing-custom sharing-copy\" data-url=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/money-academy\/economics-101\/economics-for-beginners\/global-trade-is-entering-a-new-era-and-canadas-exporters-need-to-take-hold-of-it\/\">\n          <img decoding=\"async\"\n            src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-related.svg\"\n            alt=\"copy icon\">\n          <span id=\"sharing-copyUrl-Label\">\n            Copy URL          <\/span>\n        <\/button>\n        <input type=\"text\" class=\"sharing-copy-text\" aria-labelledby=\"sharing-copyUrl-Label\">\n      <\/div>\n    <\/div>\n  <\/div>\n\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section>\n\t\t\t<div class=\"section-inner w-half w-mob-full centered-margin pad-tb-0 mob-mar-t-hlf mob-mar-b\">\n\t\t\t\t<p class=\"cover-pub-line text-xs mar-b-hlf\">Published April 6, 2021 \u2022 3 Min Read<\/p>\t\t\t<\/div>\n\t\t<\/section>\n\t<\/div>\n<\/div>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner w-half w-mob-full\" style=\"border-radius:0x\">\n<p>Pandemic-driven factory closures, shortages of masks and PPE, and port logjams have exposed dangerous weaknesses in global supply chains. For the U.S., Canada&#8217;s largest trading partner, it has set the stage for critical supply networks to be reengineered around new priorities: national security, labour rights, the environment and geopolitical issues. These reimagined supply lines are at the heart of a U.S. industrial strategy designed to \u201creshore&#8221; or return production to U.S. soil, reverse decades of job losses and vie with China for global leadership of the technologies of the future including electric vehicles, batteries and semiconductors.<\/p>\n\n\n\n<p>For Canada they represent an opportunity to regain lost ground, according to <i><a href=\"http:\/\/www.rbc.com\/tradingplaces?promo_name=ENT_BFS_DNL&amp;promo_id=284515&amp;promo_position=body&amp;promo_creative=Global Trade is Entering a New Era and Canada's Exporters Need to Take Hold of it\" target=\"_blank\" rel=\"noopener noreferrer\">Trading Places<\/a><\/i>, a new report from RBC Economics and Thought Leadership. A new continental trade strategy that secures a foothold in emerging and reshaped American supply chains could re-establish Canadian exports as a key driver of economic growth. It could also help industries at the core of Canada&#8217;s export strength\u2014auto manufacturing, energy, and metals and minerals, worth more than half of our exports or $227 billion in 2019\u2014pivot to new growth opportunities in a greening economy. The payoff could be sizeable, helping Canada push toward an ambitious but reasonable target of $1 trillion in additional exports by 2030.<\/p>\n\n\n\n<p>Success won&#8217;t be automatic. Other countries too, will vie for a role in the supply lines supporting the world&#8217;s largest economy. But Canada can draw on powerful advantages, including deep integration in U.S. auto manufacturing, a free trade pact with the U.S. and Mexico, expertise in clean tech and a natural resource endowment that includes every critical mineral used in the manufacture of EV batteries.<\/p>\n\n\n\n<p>It will require a comprehensive review of existing trade, tax and regulatory policies to ensure the right mix is in place to capture more than a fair share of any reshaped manufacturing base. It will mean coordinating with other nations to ensure Canadian industrial policies are competitive. And it will mean making new investments in the skills training and strategic immigration essential to retaining higher value aspects of supply chains.<\/p>\n\n\n\n<p>To compete for investment, Canada will also need to consider modern policy tools to support strategic goods like EVs and batteries, particularly as other countries offer incentives and subsidies. It will need to establish priority sectors for investment, build out its infrastructure, and develop more robust R&amp;D and skills strategies. It will need to work closely with key international partners in Europe and the Indo-Pacific region to ensure its policies are competitive and aligned with like-minded trading partners.<\/p>\n\n\n\n<p>And as new alliances and partnerships are formed, Canada must be careful not to alienate China, a major buyer of Canadian agriculture and natural resources. Continuing this trading relationship, while simultaneously seeking a significant role in a U.S. agenda designed to curtail Chinese economic power, may be difficult. Canada risks being caught in the middle.<br><\/p>\n\n\n\n<section class=\"wp-block-rbc-section-block section-ocean pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<p>Read the full\u00a0<em><a href=\"http:\/\/www.rbc.com\/tradingplaces?promo_name=ENT_BFS_DNL&amp;promo_id=284515&amp;promo_position=callout&amp;promo_creative=Global%20Trade%20is%20Entering%20a%20New%20Era%20and%20Canadas%20Exporters%20Need%20to%20Take%20Hold%20of%20it\"><\/a><\/em><a href=\"http:\/\/www.rbc.com\/tradingplaces?promo_name=ENT_BFS_DNL&amp;promo_id=284515&amp;promo_position=callout&amp;promo_creative=Global%20Trade%20is%20Entering%20a%20New%20Era%20and%20Canadas%20Exporters%20Need%20to%20Take%20Hold%20of%20it\">Trading Places<\/a>\u00a0report from RBC Economics and Thought Leadership.<\/p>\n<\/div>\n<\/section>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-rbc-rbc-default-collapsible\"><p><button class=\"collapse-toggle collapsed\" data-target=\"#collapse834a1009\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapse834a1009\" data-dig-id=\"LP-57738-834a1009\" data-dig-category=\"LP\" data-dig-action=\"accordion closed\" action-closed=\"accordion closed\" action-opened=\"accordion open\" data-dig-label=\"Things our lawyers want you to know\"><span>Things our lawyers want you to know<\/span><span>Things our lawyers want you to know<\/span><\/button><\/p><div class=\"collapse-content collapse\" id=\"collapse834a1009\">\n<div class=\"wp-block-rbc-collapsible-inner-block collapse-inner\">\n<p>This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.<\/p>\n<\/div>\n<\/div><\/div>\n\n\n\t\n\t<div class=\"wp-block-tk-spacer id-6697dd02-7625-41bb-938b-7e933405a511\" aria-hidden=\"true\"><\/div>\n\t\n\n\n<p class=\"has-text-align-center h5 mar-b\"><strong>Share This Article<\/strong><\/p>\n\n\n\n\t\t<div class=\"socials-block\">\n\t\t\t    <div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n            <a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=Global Trade is Entering a New Era and Canada&#8217;s Exporters Need to Take Hold of it &#038;body=Hi, I thought you might be interested in this article from RBC My Money Matters: https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/money-academy\/economics-101\/economics-for-beginners\/global-trade-is-entering-a-new-era-and-canadas-exporters-need-to-take-hold-of-it\/\">\n        <img decoding=\"async\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-email.svg\"\n          alt=\"envelope icon\">\n        <span>\n          Email        <\/span>\n      <\/a>\n      <div class=\"social-button-wrapper sharing-copy-wrapper\">\n        <button class=\"sharing-custom sharing-copy\" data-url=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/money-academy\/economics-101\/economics-for-beginners\/global-trade-is-entering-a-new-era-and-canadas-exporters-need-to-take-hold-of-it\/\">\n          <img decoding=\"async\"\n            src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-related.svg\"\n            alt=\"copy icon\">\n          <span id=\"sharing-copyUrl-Label\">\n            Copy URL          <\/span>\n        <\/button>\n        <input type=\"text\" class=\"sharing-copy-text\" aria-labelledby=\"sharing-copyUrl-Label\">\n      <\/div>\n    <\/div>\n  \t\t<\/div>\n\n\t\t\n\n\t\n\t<div class=\"wp-block-tk-spacer id-7ea0905e-fa30-4eba-9dca-61c7c848e352\" aria-hidden=\"true\"><\/div>\n\t\n\n\n\t\t\t<div class=\"wp-block-rbc-single-post-topics related-topics-links\">\n\t\t\t\t<p class=\"h5 mar-r-hlf\">Topics:<\/p>\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/automobile\/\" class=\"btn topic mar-t-0 mar-r-qtr mar-b-hlf\">Automobile<\/a>\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/ideas-and-insights\/\" class=\"btn topic mar-t-0 mar-r-qtr mar-b-hlf\">Ideas and Insights<\/a>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n<\/section>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel mob-pad-t-dbl\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<h2 class=\"wp-block-heading mar-b mob-mar-b-dbl mar-t-0\" id=\"h-read-this-next\">Read This Next<\/h2>\n\n\n\t\t\t<div class=\"related-posts-type-2\">\n\t\t\t\t<div class=\"related-post-list\">\n\t\t\t\t\t<ul class=\"grid-wpr eh-wpr\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<li class= 'grid-one-third grid-tb-full grid-mob-full mar-b'>\n\t\t\t\t\t\t\t\t\t\t<article class=\"col-wpr mar-b-0 mar-r-0 mar-l-0\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"postcard-img-ctr post-card-image col-md-12 col-xs-6 mob-mar-b-0 pad-l-0\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"930\" height=\"620\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/Untitled-design-2023-07-31T120240.836-1.jpg?quality=80&amp;w=930\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"Glass globe 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\/>\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"card-details mob-mar-b-0 mob-mar-t-0 pad-r-0 col-md-12 col-xs-6\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"primary-taxonomy primary-link\" href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/money-academy\/economics-101\/economics-for-beginners\/\">\n\t\t\t\t\t\tEconomics for Beginners\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/money-academy\/economics-101\/economics-for-beginners\/quantitative-easing-vs-quantitative-tightening-understanding-central-bank-strategies\/\" class=\"card-title h4 mar-t-0\">Quantitative Easing vs. Quantitative Tightening:  Understanding Central Bank Strategies<\/a>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<\/article>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t\t\t\t<\/ul>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n<\/section>\n<style class=\"advgb-styles-renderer\">\n\t\t.wp-block-tk-spacer.id-6697dd02-7625-41bb-938b-7e933405a511 {\n\t\theight: 96px;\n\t}\n\n\t@media ( max-width: 480px ) {\n\t\t.wp-block-tk-spacer.id-6697dd02-7625-41bb-938b-7e933405a511 {\n\t\t\theight: 30px;\n\t\t}\n\t}\t\n\t\t.wp-block-tk-spacer.id-7ea0905e-fa30-4eba-9dca-61c7c848e352 {\n\t\theight: 60px;\n\t}\n\n\t@media ( max-width: 480px ) {\n\t\t.wp-block-tk-spacer.id-7ea0905e-fa30-4eba-9dca-61c7c848e352 {\n\t\t\theight: 30px;\n\t\t}\n\t}\t<\/style>","protected":false},"excerpt":{"rendered":"<p>A new RBC report shows Canada could boost its exports by a collective $1 trillion by 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