As a part of the StrongerBC Economic Plan and the next step in B.C.’s Trade Diversification Strategy, the Province has signed an action plan with Gyeonggi Province in South Korea.
The action plan will better support mutual economic growth to create more opportunities for businesses and people in British Columbia.
“The pandemic and global challenges have shown us the importance of better protecting our supply chains from market instability,” said Ravi Kahlon, Minister of Jobs, Economic Recovery and Innovation. “The renewal of this action plan with our Korean sister province will create mutual economic opportunities, strengthen our supply chains and create good-paying jobs for British Columbians.”
This is the fourth action plan agreement the Province has signed with Gyeonggi Province, the Korean sister province for British Columbia. This agreement focuses on exchanges and co-operation in six main areas: trade and economy, culture and arts, sports, disaster response and safety, education, and workforce development.
Signing this agreement is one of the next steps in the Trade Diversification Strategy. This strategy sets the direction for exploring targeted new international markets, while expanding existing ones. This will create more opportunities to get sustainable B.C. goods and services out globally. The Trade Diversification Strategy is being developed in collaboration with a diverse array of partners to provide more opportunities for under-represented groups to participate in international trade.
“Creating a strong, diverse network of trade partners and creating more channels of export are key factors for innovation and growth for B.C.,” said George Chow, Minister of State for Trade. “From trade and economy to workforce development and sport, I look forward to working with Gyeonggi Province to advance our shared goals. Strengthening this partnership will provide more opportunities and investments for B.C. businesses and workers as we continue to build a more resilient economy that works for everyone.”
Building off the Canada-Korea Free Trade Agreement (CKFTA), Canada’s first free-trade agreement in the Asia-Pacific region, this action plan provides a framework offering practical help to the economies of both provinces as they focus on collective recovery from the global pandemic.
“Gyeonggi Province is a massive market that accounts for 25% of Korea’s total population, so we anticipate active trade and reciprocal investment to further strengthen economic ties and co-operation between our two provinces,” said Ryu Kwang-yeol, assistant governor for economy, Gyeonggi Province. “We hope to host a training session in the near future on doing business in B.C. to promote opportunities for Gyeonggi companies and investors under the CKFTA.”
This initiative is a key action in the StrongerBC Economic Plan, which aims to tackle the issues that matter most to people while growing a high-care, low-carbon economy that works for people today and for generations to come.
The plan builds on B.C.’s strong economic recovery and works to address two long-standing challenges – inequality and climate change – by closing the skills gap, building resilient communities and helping businesses and people transition to clean-energy solutions. The plan sets two main goals for the province – inclusive growth and clean growth – and puts forward six missions to keep B.C. on track.
Quick Facts:
Gyeonggi and B.C. have been sister provinces since May 2008.
Since then, they have signed three consecutive action plans to promote friendly co-operation in the areas of media content, the IT industry, sports and cross-cultural exchanges.
When CKFTA is fully implemented, more than 98% of South Korea’s tariff lines on Canada’s products will be removed.
South Korea is British Columbia’s fourth-largest trading partner and export destination (5.4% share of B.C.-origin exports).
South Korea is Canada’s third-largest trading partner in Asia, with 50% of all Canadian exports to South Korea coming from B.C.
TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.
The S&P/TSX composite index was down 239.24 points at 22,749.04.
In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.
The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.
The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.
The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.
This report by The Canadian Press was first published Sept. 6, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in technology, financial and energy stocks, while U.S. stock markets also pushed higher.
The S&P/TSX composite index was up 171.41 points at 23,298.39.
In New York, the Dow Jones industrial average was up 278.37 points at 41,369.79. The S&P 500 index was up 38.17 points at 5,630.35, while the Nasdaq composite was up 177.15 points at 17,733.18.
The Canadian dollar traded for 74.19 cents US compared with 74.23 cents US on Wednesday.
The October crude oil contract was up US$1.75 at US$76.27 per barrel and the October natural gas contract was up less than a penny at US$2.10 per mmBTU.
The December gold contract was up US$18.70 at US$2,556.50 an ounce and the December copper contract was down less than a penny at US$4.22 a pound.
This report by The Canadian Press was first published Aug. 29, 2024.
The crypto market has recently experienced a significant downturn, mirroring broader risk asset sell-offs. Over the past week, Bitcoin’s price dropped by 24%, reaching $53,000, while Ethereum plummeted nearly a third to $2,340. Major altcoins also suffered, with Cardano down 27.7%, Solana 36.2%, Dogecoin 34.6%, XRP 23.1%, Shiba Inu 30.1%, and BNB 25.7%.
The severe downturn in the crypto market appears to be part of a broader flight to safety, triggered by disappointing economic data. A worse-than-expected unemployment report on Friday marked the beginning of a technical recession, as defined by the Sahm Rule. This rule identifies a recession when the three-month average unemployment rate rises by at least half a percentage point from its lowest point in the past year.
Friday’s figures met this threshold, signaling an abrupt economic downshift. Consequently, investors sought safer assets, leading to declines in major stock indices: the S&P 500 dropped 2%, the Nasdaq 2.5%, and the Dow 1.5%. This trend continued into Monday with further sell-offs overseas.
The crypto market’s rapid decline raises questions about its role as either a speculative asset or a hedge against inflation and recession. Despite hopes that crypto could act as a risk hedge, the recent crash suggests it remains a speculative investment.
Since the downturn, the crypto market has seen its largest three-day sell-off in nearly a year, losing over $500 billion in market value. According to CoinGlass data, this bloodbath wiped out more than $1 billion in leveraged positions within the last 24 hours, including $365 million in Bitcoin and $348 million in Ether.
Khushboo Khullar of Lightning Ventures, speaking to Bloomberg, argued that the crypto sell-off is part of a broader liquidity panic as traders rush to cover margin calls. Khullar views this as a temporary sell-off, presenting a potential buying opportunity.
Josh Gilbert, an eToro market analyst, supports Khullar’s perspective, suggesting that the expected Federal Reserve rate cuts could benefit crypto assets. “Crypto assets have sold off, but many investors will see an opportunity. We see Federal Reserve rate cuts, which are now likely to come sharper than expected, as hugely positive for crypto assets,” Gilbert told Coindesk.
Despite the recent volatility, crypto continues to make strides toward mainstream acceptance. Notably, Morgan Stanley will allow its advisors to offer Bitcoin ETFs starting Wednesday. This follows more than half a year after the introduction of the first Bitcoin ETF. The investment bank will enable over 15,000 of its financial advisors to sell BlackRock’s IBIT and Fidelity’s FBTC. This move is seen as a significant step toward the “mainstreamization” of crypto, given the lengthy regulatory and company processes in major investment banks.
The recent crypto market downturn highlights its volatility and the broader economic concerns affecting all risk assets. While some analysts see the current situation as a temporary sell-off and a buying opportunity, others caution against the speculative nature of crypto. As the market evolves, its role as a mainstream alternative asset continues to grow, marked by increasing institutional acceptance and new investment opportunities.
