Canada's Global Markets Action Plan


The Global Markets Action Plan was Prime Minister Stephen Harper's government strategy to generate employment opportunities for Canadians by expanding Canadian businesses and investment in other countries in a highly competitive global environment.
After Ed Fast was appointed Minister of International Trade in 2011, Harper asked him for a blueprint prioritizing trade in Canada's foreign policy. On November 27, 2013, Fast delivered a comprehensive report on a Global Markets Action Plan.

History

Harper's government was highly concerned to maintain Canada's competitive position in international trade, which is equivalent to more than 60 percent of Canada's annual gross domestic product; one out of five jobs was created by the global market presence.
In 2007, the government launched its Global Commerce Strategy for expanding Canada's trade network, strengthening its competitive position in its traditional markets, and extending its reach to new emerging markets. The strategy was successful and led Canada to finalize seven different free trade pacts. It also activated an Economic Action Plan 2012 with the wider participation of Canada's business community to identify new markets, strengths and opportunities.
Finally they all came out with the new Global Markets Action Plan on November 27, 2013 to achieve these objectives.

Target markets

The plan targeted distinctive three different markets;
The plan included the following key elements:
installed a nine-member advisory council consists of Canada's leading corporate leaders.

Trade promotions

Global Markets Action Plan was planned in a way to make significant impact on Canada's trade-promotion efforts facilitating Canadian businesses to optimize their export potential in overseas markets; which creates jobs and opportunities for workers and their families in Canada.

Small and Medium-sized Enterprises(SMEs)

In March 2015, Harper permitted a $50 million financial assistance over a period of five years to facilitate the Canadian small and medium-sized enterprises on market research and participating trade missions; the funding would help approximately 500 to 1000 entrepreneurs in Canada yearly to reach their full export capacity.

Five-Year Target to Increase SMEs Exporting to Emerging Markets

Global Markets Action Plan outlined how to support Canada's critical SME sector to establish in emerging markets. The ultimate goal of the strategy was to increase SME export presence in emerging markets from 29 percent to 50 percent by 2018 and from 11,000 to 21,000 companies; this growth would create over 40,000 net new jobs.

Steps to improve the SMEs

Harper extended another $42 million over five years to enhance the Canadian Trade Commissioner Service, with $9.2 million per year thereafter. The funding would facilitate the expanded trade services: Canada opened four new trade offices in China, bringing the total number of offices there to 15, with more than 100 trade commissioners; and it strengthened its support network in India, where there are eight offices and nearly 50 trade commissioners. There were more than 25 trade commissioners being trained placing in number of business associations in order to gain better understanding of the Canadian exports.