Thank you very much, Mr. Chairman, and thank you for the invitation. We're very pleased to be here in spite of the snow.
My name is Susan Bincoletto. I am the assistant deputy minister at Global Affairs Canada, responsible for business development. The responsibility I hold is chief trade commissioner, which means that I am responsible for all the trade commissioners around the world that serve Canadian companies to do business abroad and to attract investment into Canada, so it's more the trade and investment promotion side of it. I am the functional lead on the promotion side. My colleagues will introduce themselves. We each have distinct responsibilities, but always dealing with trade.
I am happy to be here today to introduce Global Affairs Canada's presentation on the subject of Canada's trade and investment priorities.
I understand that committee members have asked details of recently concluded free trade agreements and issues related to the Canada-U.S. relationship. I am accompanied by colleagues who are able to provide information on these subjects.
But first I would like to set the context by providing you with an overview of where we are at in terms of advancing Minister Freeland's mandate commitments, which include the development of a new trade and export strategy for Canada.
We are all aware of the importance of international commerce for the Canadian economy. Let me give you just a few facts. There is a limit, obviously, to the growth that Canadian companies can achieve, given the size of our own market. Generally, firms that export are more productive, more innovative, and pay higher wages. Foreign investment, both inward—which brings new capital to Canada—and outward, provides an opportunity for firms to grow, to become more productive, and to develop stronger capacity for R and D. Ultimately, consumers benefit from better selection and lower prices.
There are many opportunities in markets abroad that map directly to some of Canada’s strengths. The trade commissioner service, which I head, helps Canadian businesses of all sizes across Canada to identify and take advantage of these opportunities, which in turn helps grow our trade and increase prosperity. The trade commissioner service delivers, for example, the CanExport program that was recently launched by Minister Freeland. CanExport will provide up to $50 million over five years in direct financial support to small and medium-sized enterprises in Canada who seek to develop new export opportunities, especially in high-growth priority markets and sectors.
Risks in the global economy require, however, that Canada step up its game. The new strategy will be a comprehensive approach that works across all orders of government to increase Canada's trade and attract investment.
As outlined in Minister Freeland's mandate, the strategy will include renewing efforts on attracting foreign investments; working with Canadian businesses to help them realize fully the advantages of free trade agreements, focussing on those that have been concluded and are in force such as the Canada-Korea Free Trade Agreement; as well as targeted strategies for emerging markets, focussing on Asia. The strategy will also look at our programs and services and ensure they are leveraged with those of our partners.
Work is well underway. The department is undertaking an assessment of the previous strategy and existing programs to get a sense of what has worked and what hasn't. There will also be a consultation process associated with the strategy to ensure that the viewpoints of stakeholders and business needs are reflected.
Once the presentation is complete, my colleagues and I will be happy to answer any questions you may have on the overall trade agenda and our work on the development of a new strategy.
I will now turn to Kirsten Hillman, our chief trade negotiator for TPP, among other things, to provide detail on trade policy.