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<html> <head> <meta name="Generator" content="Corel WordPerfect 8"> <title>ME. MARCHI - ADDRESS TO THE EAST ASIAN FESTIVAL BUSINESS SEMINARAT RENISON COLLEGE, UNIVERSITY OF WATERLOO - WATERLOO, ONTARIO</title> </head> <body text="#000000" link="#0000ff" vlink="#551a8b" alink="#ff0000" bgcolor="#c0c0c0"> 98/63 CHECK AGAINST DELIVERY NOTES FOR AN ADDRESS BY THE HONOURABLE SERGIO MARCHI MINISTER FOR INTERNATIONAL TRADE TO THE EAST ASIAN FESTIVAL BUSINESS SEMINAR AT RENISON COLLEGE, UNIVERSITY OF WATERLOO WATERLOO, Ontario October 2, 1998 This document is also available on the Department's Internet site: http://www.dfait-maeci.gc.ca I'd like to salute my parliamentary colleagues, Andrew Telegdi, Lynn Myers and Karen Redman who join me here today. It's great to be here today and to be part of this year's East Asian Festival. Let me begin by congratulating the organizers for the tremendous job they've done with this festival. This is a great tradition you've started, since it serves to remind us all of the growing importance of East Asia to Canada and to our future. I was also struck by the fact that Trimark is sponsoring this luncheon. Their slogan, as you know, is "managing to outperform" -- a slogan that is also a very good description of Canadian exporters in recent years. Despite stiff international competition, Canadians have managed to outperform, year after year, as they set new records for exports. But Canada is a trading powerhouse in the world -- with a relatively small population, we have to look beyond our frontiers if we are to create the kind of economic activity and opportunities that Canadians both expect and deserve. And certainly no region holds more importance -- or potential -- than Asia. We all know that Asia is going through some rough times right now. And I do not want to downplay those difficulties in any way. The problems are serious and will take time to resolve. But I want to begin with a clear statement of Canada's commitment to Asia -- today, tomorrow and for the long haul. We are not a fair-weather friend! This region is already Canada's second most important trading partner. In the first six months of this year, even with Asian austerity measures, falling currency rates and lower commodity prices, our trade with that region still totalled nearly $30 billion. Asia's future is just too bright and the potential just too great to abandon it now. The strong rates of growth -- in some cases, upwards of 10 percent a year -- were clearly not sustainable. But the fundamental economic underpinnings remain. So too do the solid work ethic and high savings rates among Asians. This is still a supremely motivated, highly educated and strongly entrepreneurial region. And let's not forget that by the year 2000, Asia-Pacific will account for 60 percent of the world's population; 45 percent of the world's GDP and 40 percent of global consumption. By 2010, China alone will have more than 500 million middle-class consumers. We are also beginning to see signs that perhaps the worst is behind us. South Korea appears to be on the road to recovery. And the International Monetary Fund [IMF] has recognized Thailand's efforts to meet the requirements for IMF assistance. Both South Korea and Thailand have seen their currencies rise by more than 18 percent since the beginning of the year. China has also taken bold steps -- to restructure their banking system, redesign state-owned companies and privatize others. So let's keep our eye on the ball: Asia will recover and we must be there. And we intend to be. Our ties with the Pacific Rim are strong -- not only by virtue of geography, but also through the personal connections of the large number of Canadians of Asian descent. Look at the vibrant East Asian community you have right here in Kitchener-Waterloo -- an area we usually associate with a German heritage. In the years ahead, I can envision dragon dances taking pride of place right alongside Oktoberfest celebrations in the streets of Kitchener-Waterloo! It's not only Vancouver and British Columbia that can boast strong Asian communities! From coast to coast, Canadians of Asian descent are contributing to the cultural and economic vitality of our country. And through courses like the East Asian Studies program here at Renison College, Canadians of all backgrounds are learning the languages, the cultures and the traditions of Asia -- skills they will need in the job market of tomorrow. In fact, this program is precisely what we need to be doing more of in Canada. In a globalized economy, our students need to have a truly international perspective. They need to be able to move easily across borders and cultures. They need to feel as comfortable in Taiwan as they do in Toronto; as at ease in Seoul as they do in Sacramento. That is what today's globalized economy demands, and that is what programs like these provide. We also need the perspective that this kind of study can create. When the financial difficulties in Asia cause some to question our commitment to this region or to suggest that our interests and our efforts be directed elsewhere, we need that in-depth knowledge and long-term outlook reminding us of the opportunities that await us and of the underlying strengths that support them. And so I commend Renison College and the University of Waterloo -- and all of the other educational institutions -- that are preparing today's students to meet tomorrow's challenges. You know, as International Trade Minister, one thing is very clear to me: while our past may have been rooted in the West, our future will certainly be linked to the East. Last year, as you know, was Canada's Year of Asia-Pacific. It was the first time we had ever devoted an entire year to one region -- a clear indication of the importance it holds and of the commitment we've made. Throughout 1997, hundreds of business, cultural and sporting events took place, and I believe the vast potential and the tremendous opportunities of that region became obvious to Canadians from St. John's to Victoria. As a government, we have also recognized where a good part of our economic future lies, and we have moved decisively to secure access to this vast market. Over the past few years, Prime Minister Chrétien has led three trade missions to Asia, involving more than 1000 companies and resulting in millions of dollars in new contracts for Canadians. This partnership with the provinces and the private sector has been extremely successful, with high-level political support opening the doors and the business leaders closing the deals. We have also been leaders in APEC [the Asia-Pacific Economic Cooperation forum], trying to break down the barriers to trade and investment there. At last year's meeting in Vancouver, we moved further and faster on trade liberalization than APEC had ever done before. And it is vital that in November, when the APEC meetings get under way in Malaysia, that we do not backslide. During the present period of instability, we are providing financial assistance to Asia through our contributions to international financial institutions. We are also providing trade credit facilities, technical assistance and humanitarian aid. In our meetings with Asian leaders, we have stressed the need for transparent banking systems, strong legal frameworks as well as political reforms. And we have matched our words with a commitment to help facilitate those changes in any way we can. With all of these efforts, Canada has demonstrated both our willingness to help with the present difficulties and our determination to pursue future opportunities. And make no mistake: as Asia rebuilds, there will be tremendous opportunities for Canadian companies. Significant investment will be required in areas like high-speed data networks, telecommunications, energy production and transportation -- all areas in which Canada has world-leading technology and expertise. Let's just look at South Korea as one example. The Korean market for wireless communication equipment grew by more than 17 percent annually between 1991 and 1995. Its telecommunications service market alone is expected to reach US$21 billion in just three years. With further liberalization and deregulation expected in this sector, the export opportunities for Canada are truly astounding. Many of our larger companies are already there. Nortel, for example, has won a contract to provide equipment that will add one million new telephone lines to Taiwan's existing cellular market. But there are incredible opportunities for smaller companies as well, and if you are a small or medium-sized business, you can't afford to overlook Asia. The Department of Foreign Affairs and International Trade has a whole range of programs designed to help smaller companies start exporting. We also have Trade Commissioners in all of our East Asian posts, ready to match you with opportunities in those countries. If you're not familiar with these resources, talk to me afterward, get in touch with the International Trade Centre in Toronto, or visit us online at our Web site: (http://www.dfait-maeci.gc.ca). There's a wealth of information and support waiting for you, and I would encourage you to use it. As I close, let me share with you a story that is told of Abraham Lincoln. One night, when he was a young boy, Lincoln and a friend were out walking, when a meteor shower began. Lincoln's young companion became frightened, but Lincoln told him to look beyond the meteors, to the fixed stars shining above them. Today, we also must look beyond the present difficulties to the bright stars of opportunity and promise. We must see the storms for what they are -- troubling, but temporary. And if we do, we will see the strengths of Asia still shining behind the clouds, still full of promise and still strong enough to provide a bright future for its people. That is the future that Canada sees for Asia. And that is the kind of future that Canada will help to build. Thank you. (1:00 p.m. EDT) </body> </html>

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