OTTAWA — The federal government faces a new hurdle as it shifts from negotiating new free trade deals to implementing them: Canadian companies that are overly cautious about courting new business overseas.
International Trade Minister Ed Fast says businesses should look beyond their reliable American partners for the biggest growth potential — even as the U.S. economy picks up steam.
In an interview, Fast says companies needn't ignore the U.S., but should consider also exploring foreign markets, like Asia and Europe.
The Conservative government has long argued that trade is key to generating economic growth and jobs.
Fast's department says only about 40,000 of Canada's one million small- and medium-sized businesses are exporters — and just 10,000 of them export outside the U.S.
The minister has been holding workshops around the country, trying to encourage companies to use available government services that can help them access overseas markets.
He says the government has signed free-trade deals with 38 countries over the last nine years.
Fast, who is also acting foreign affairs minister following John Baird's resignation earlier this week, will lead a trade mission in the coming days to Korea, which recently finalized an agreement with Canada.
