Latest news with #ExportDevelopmentCanada
Global News
5 days ago
- Business
- Global News
Trade Minister Maninder Sidhu eyes new markets, smaller trade delegations
Ottawa's new trade minister says he's looking to sign deals in South America, Southeast Asia, Africa and beyond — and to convince businesses to actually use the trade agreements Canada has already signed. 'My primary role as Canada's top salesman is to be out there hustling, opening doors for businesses and accessing new markets,' Maninder Sidhu told The Canadian Press. 'My phone has been ringing with opportunities because people want to deal with reliable, stable trading partners.' Prime Minister Mark Carney has tasked Dominic LeBlanc as minister responsible for Canada-U.S. trade. Sidhu's job focuses on countries other than the U.S. Export Development Canada says Ottawa has 15 free trade agreements covering 51 countries, offering Canadian exporters preferential access to over 1.5 billion consumers. But Sidhu said Canadian businesses could be doing a lot more to look beyond the U.S., particularly as Washington threatens and imposes a range of tariffs. Story continues below advertisement Sidhu served four years as a parliamentary secretary in roles reflecting all three branches of Global Affairs Canada: aid, trade and diplomacy. The job saw him represent Canada in trade promotion events in Southeast Asia and security forums in the Caribbean. Sidhu worked as a customs broker before politics — a job that focuses on navigating red tape and tariffs to secure the best rate for trading goods. Sidhu said he plans to visit Brazil soon as the South American country seeks to revive trade talks that kicked off in 2018 between the Mercosur trade bloc and Canada. Get daily National news Get the day's top news, political, economic, and current affairs headlines, delivered to your inbox once a day. Sign up for daily National newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy His predecessor Mary Ng put an emphasis on large trade missions which took months to plan. The minister would sometimes fill a plane with corporate and business leaders, spending a substantial chunk of time in one or two countries. Sidhu said he is hoping to bring smaller delegations of companies with him on his trips abroad, with a focus on specific sectors, 'whether it's South America, Indo-Pacific to Europe, to Africa.' 'Businesses feel like they're heard, but they're also getting higher-level meetings on the opposite side in the countries that we take them into,' he said. Ottawa is navigating its trade ties with China as the two countries work to revive the decades-old Joint Economic and Trade Commission, a forum to sort out trade irritants. Story continues below advertisement China has been roundly accused of engaging in coercive trade practices and of restricting certain commodities or services like tourism during political disagreements with Ottawa. Sidhu said the goal there is to offer 'stability' to industry, with an emphasis on 'how do we work through those challenges, and how do we make sure that those conversations are facilitated.' Sidhu also downplayed the chances of a bilateral trade deal with the United Kingdom. Trade talks collapsed last year over the U.K.'s desire to sell more cheese in Canada and after Britain blocked Canadian hormone-treated beef. Both countries are using a temporary deal put in place after Britain left the European Union, and the U.K. will soon enter a trade bloc that focuses on the Pacific Rim, Sidhu noted. He said Canada would still be open to a full deal. 'If U.K. and Canadian businesses already have access on 99 per cent of the items that we trade, then if we're looking at trade agreements, we need to make sure that we're getting the best value for our negotiations,' Sidhu said. He also said Canada could consider 'sector-specific agreements' with other countries, instead of comprehensive deals that span most industries. 'We are getting very creative in how we can open up more doors,' he said. Story continues below advertisement Sidhu did not name specific countries where Canada might pursue sector-specific agreements. Canada had been looking at a trade agreement with India that would be limited to certain sectors — before Ottawa suspended talks in 2023 following an assassination the RCMP has linked to New Delhi. Ottawa launched security talks with India this spring and agreed to re-establish high commissioners. Sidhu was circumspect when asked when Canada might re-establish trade talks with India. 'This is a step-by-step approach,' he said, adding that the eventual return of top envoys will help 'to carry out those very important conversations.' Sidhu said Global Affairs Canada is still sorting out how Carney's decision to cut spending in all departments will affect the trade branch. 'It's really going to be a focused approach, of where we can make the best impact,' Sidhu said. The Business Council of Canada has urged Ottawa to expand the number of trade commissioners, who provide the contacts on the ground for Canadian companies looking for export opportunities. While Sidhu did not say whether Ottawa's cuts will mean fewer trade commissioners, he said he's heard a clear message from chambers of commerce that these positions are extremely valuable. 'It comes down to return on investments, what programs are working (and) where can we get the best bang for our buck for Canadian industry and Canadian workers,' he said. Story continues below advertisement 'A lot of the business community doesn't even know that (the Trade Commissioner Service) is there to help. And so my job is to help amplify that.'
Winnipeg Free Press
6 days ago
- Business
- Winnipeg Free Press
Trade Minister Maninder Sidhu eyes new markets, smaller trade delegations
OTTAWA – Ottawa's new trade minister says he's looking to sign deals in South America, Southeast Asia, Africa and beyond — and to convince businesses to actually use the trade agreements Canada has already signed. 'My primary role as Canada's top salesman is to be out there hustling, opening doors for businesses and accessing new markets,' Maninder Sidhu told The Canadian Press. 'My phone has been ringing with opportunities because people want to deal with reliable, stable trading partners.' Prime Minister Mark Carney has tasked Dominic LeBlanc as minister responsible for Canada-U.S. trade. Sidhu's job focuses on countries other than the U.S. Export Development Canada says Ottawa has 15 free trade agreements covering 51 countries, offering Canadian exporters preferential access to over 1.5 billion consumers. But Sidhu said Canadian businesses could be doing a lot more to look beyond the U.S., particularly as Washington threatens and imposes a range of tariffs. Sidhu served four years as a parliamentary secretary in roles reflecting all three branches of Global Affairs Canada: aid, trade and diplomacy. The job saw him represent Canada in trade promotion events in Southeast Asia and security forums in the Caribbean. Sidhu worked as a customs broker before politics — a job that focuses on navigating red tape and tariffs to secure the best rate for trading goods. Sidhu said he plans to visit Brazil soon as the South American country seeks to revive trade talks that kicked off in 2018 between the Mercosur trade bloc and Canada. His predecessor Mary Ng put an emphasis on large trade missions which took months to plan. The minister would sometimes fill a plane with corporate and business leaders, spending a substantial chunk of time in one or two countries. Sidhu said he is hoping to bring smaller delegations of companies with him on his trips abroad, with a focus on specific sectors, 'whether it's South America, Indo-Pacific to Europe, to Africa.' 'Businesses feel like they're heard, but they're also getting higher-level meetings on the opposite side in the countries that we take them into,' he said. Ottawa is navigating its trade ties with China as the two countries work to revive the decades-old Joint Economic and Trade Commission, a forum to sort out trade irritants. China has been roundly accused of engaging in coercive trade practices and of restricting certain commodities or services like tourism during political disagreements with Ottawa. Sidhu said the goal there is to offer 'stability' to industry, with an emphasis on 'how do we work through those challenges, and how do we make sure that those conversations are facilitated.' Sidhu also downplayed the chances of a bilateral trade deal with the United Kingdom. Trade talks collapsed last year over the U.K.'s desire to sell more cheese in Canada and after Britain blocked Canadian hormone-treated beef. Both countries are using a temporary deal put in place after Britain left the European Union, and the U.K. will soon enter a trade bloc that focuses on the Pacific Rim, Sidhu noted. He said Canada would still be open to a full deal. 'If U.K. and Canadian businesses already have access on 99 per cent of the items that we trade, then if we're looking at trade agreements, we need to make sure that we're getting the best value for our negotiations,' Sidhu said. He also said Canada could consider 'sector-specific agreements' with other countries, instead of comprehensive deals that span most industries. 'We are getting very creative in how we can open up more doors,' he said. Sidhu did not name specific countries where Canada might pursue sector-specific agreements. Canada had been looking at a trade agreement with India that would be limited to certain sectors — before Ottawa suspended talks in 2023 following an assassination the RCMP has linked to New Delhi. Ottawa launched security talks with India this spring and agreed to re-establish high commissioners. Sidhu was circumspect when asked when Canada might re-establish trade talks with India. 'This is a step-by-step approach,' he said, adding that the eventual return of top envoys will help 'to carry out those very important conversations.' Sidhu said Global Affairs Canada is still sorting out how Carney's decision to cut spending in all departments will affect the trade branch. 'It's really going to be a focused approach, of where we can make the best impact,' Sidhu said. Monday Mornings The latest local business news and a lookahead to the coming week. The Business Council of Canada has urged Ottawa to expand the number of trade commissioners, who provide the contacts on the ground for Canadian companies looking for export opportunities. While Sidhu did not say whether Ottawa's cuts will mean fewer trade commissioners, he said he's heard a clear message from chambers of commerce that these positions are extremely valuable. 'It comes down to return on investments, what programs are working (and) where can we get the best bang for our buck for Canadian industry and Canadian workers,' he said. 'A lot of the business community doesn't even know that (the Trade Commissioner Service) is there to help. And so my job is to help amplify that.' This report by The Canadian Press was first published Aug. 3, 2025.
Yahoo
28-07-2025
- Business
- Yahoo
Enerflex Extends $800M Revolving Credit Facility to 2028
Enerflex Ltd. (NYSE:EFXT) is one of the cheap Canadian stocks to buy now. On July 14, Enerflex announced that it has extended its syndicated secured revolving credit facility/RCF. An amended and restated credit agreement, dated July 11 this year, has pushed the RCF's maturity date forward by 3 years, to July 11 in 2028. The total availability under the RCF remains unchanged at $800 million. As of March 31, Enerflex had drawn $117 million from this facility. Royal Bank of Canada serves as the agent for the RCF, and Enerflex confirmed that all current syndicate members have renewed their lending commitments. An industrial plant producing natural gas compression equipment, illuminated by night. Additionally, the company maintains a separate $70 million unsecured credit facility/LC Facility with one of its RCF syndicate lenders, which is backed by performance security guarantees from Export Development Canada. Enerflex Ltd. (NYSE:EFXT) offers energy infrastructure and energy transition solutions in North America, Latin America, and the Eastern Hemisphere. While we acknowledge the potential of EFXT as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the . READ NEXT: and . Disclosure: None. This article is originally published at Insider Monkey. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Kuwait Times
09-07-2025
- Business
- Kuwait Times
Canadian companies diversify trade during US tariff war
OTTAWA: Canadian companies are boosting trade with allies other than the US and with smaller markets to minimize economic damage from President Donald Trump's tariffs, government data shows. While other markets have reduced Canada's reliance this year on the US, its biggest export market by far, economists and consultants said there are limits to how much it can diversify. 'This is a good thing for Canadian diversification,' said Stuart Bergman, chief economist at Export Development Canada, a government agency. 'It's also important to mention that we are not looking to replace our US business. That would be crazy.' Canadian government data shows exports to the US dropped by 10 percentage points to 68 percent of total exports between May 2024 and May 2025, primarily of manufacturing products such as cars and parts, and products made with steel and aluminum. Canada's Trade Ministry and the White House could not be immediately reached for comment. Prime Minister Mark Carney's Liberals won the April election promising to stand up to Trump and revamp Canada's economy to be less dependent on its southern neighbor. Statistics Canada data shows that in May the country exported more gold, petroleum, uranium and pharmaceuticals to close allies such as the United Kingdom and European Union, and to countries as far away as Australia and Indonesia, from a year earlier. It has also increased exports of a variety of commodities to Singapore, Italy, the Netherlands, Indonesia, Australia, Brazil, Germany and Japan. Trade data showed that from March to May, the UK replaced China as Canada's second-biggest export market. Trade with China has slackened as canola and crude oil exports dropped amid another trade conflict. In May, Canada's gold exports to the UK surged 473 percent by value and 312 percent by volume compared with a year earlier. But Bergman said bullion exports to the UK, the world's main hub for gold trade, usually jump during times of crisis and might come down again when uncertainty over US tariffs settles. Although some countries have seen big jumps in trade with Canada, none account for even a tenth of Canadian exports, signaling that Canada may remain largely reliant on the US. Carney hopes to reach a trade deal with Trump by July 21 or could slap the US with more counter-duties if no deal is struck. While some Canadian companies are opening offices elsewhere, Canada's heavy reliance on trade with the US will continue because of interlinked supply chains and decades of trade relationships, said Mike Chisholm, an independent consultant for offshore trade. Trump imposed 50 percent tariffs on imports of steel and aluminum in March and 25 percent tariffs on Canadian-made cars in April. Canada slapped retaliatory tariffs on the US. Canada's value of exports to the US fell to C$43.93 billion ($32.11 billion) in May from C$51.61 billion a year earlier, a drop of 15 percent or C$7.7 billion. During the same period, Canada's exports to the rest of the world increased by almost 42 percent, or C$5.7 billion, failing to make up for the dent left by lower exports to the US. — Reuters
CTV News
09-07-2025
- Business
- CTV News
Canadian companies diversify trade during U.S. tariff war but experts see limits
Trucks enter into the United States from Ontario, Canada across the Ambassador Bridge, Monday, Feb. 3, 2025, in Detroit. (AP Photo/Paul Sancya) Canadian companies are boosting trade with allies other than the U.S. and with smaller markets to minimize economic damage from U.S. President Donald Trump's tariffs, government data shows. While other markets have reduced Canada's reliance this year on the U.S., its biggest export market by far, economists and consultants said there are limits to how much it can diversify. 'This is a good thing for Canadian diversification,' said Stuart Bergman, chief economist at Export Development Canada, a government agency. 'It's also important to mention that we are not looking to replace our U.S. business. That would be crazy.' Canadian government data shows exports to the U.S. dropped by 10 percentage points to 68% of total exports between May 2024 and May 2025, primarily of manufacturing products such as cars and parts, and products made with steel and aluminum. Canada's Trade Ministry and the White House could not be immediately reached for comment. Prime Minister Mark Carney's Liberals won the April election promising to stand up to Trump and revamp Canada's economy to be less dependent on its southern neighbour. Statistics Canada data shows that in May the country exported more gold, petroleum, uranium and pharmaceuticals to close allies such as the United Kingdom and European Union, and to countries as far away as Australia and Indonesia, from a year earlier. It has also increased exports of a variety of commodities to Singapore, Italy, the Netherlands, Indonesia, Australia, Brazil, Germany and Japan. Trade data showed that from March to May, the UK replaced China as Canada's second-biggest export market. Trade with China has slackened as canola and crude oil exports dropped amid another trade conflict. In May, Canada's gold exports to the UK surged 473% by value and 312% by volume compared with a year earlier. But Bergman said bullion exports to the UK, the world's main hub for gold trade, usually jump during times of crisis and might come down again when uncertainty over U.S. tariffs settles. Although some countries have seen big jumps in trade with Canada, none account for even a tenth of Canadian exports, signaling that Canada may remain largely reliant on the U.S. Carney hopes to reach a trade deal with Trump by July 21 or could slap the U.S. with more counter-duties if no deal is struck. While some Canadian companies are opening offices elsewhere, Canada's heavy reliance on trade with the U.S. will continue because of interlinked supply chains and decades of trade relationships, said Mike Chisholm, an independent consultant for offshore trade. Trump imposed 50% tariffs on imports of steel and aluminum in March and 25% tariffs on Canadian-made cars in April. Canada slapped retaliatory tariffs on the U.S. Canada's value of exports to the U.S. fell to C$43.93 billion ($32.11 billion) in May from C$51.61 billion a year earlier, a drop of 15% or C$7.7 billion. During the same period, Canada's exports to the rest of the world increased by almost 42%, or C$5.7 billion, failing to make up for the dent left by lower exports to the U.S. (Reporting by Promit Mukherjee; Editing by Caroline Stauffer and Rod Nickel)
