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OTTAWA – Amid rising protectionist policies in global trade, “friendshoring” represents both challenges and economic opportunity for Canada and its workers, according to new research from The Conference Board of Canada. As a stable democracy with a skilled workforce and rich natural resources, Canada can benefit greatly from becoming a reliable supplier of critical goods to its allies.
Globally, the number of state interventions restricting trade are running four-fold higher than they were in the decade before the pandemic. Canada has seen a rise in protectionist policies in recent years, particularly with the United States and China, the country’s two largest trading partners. These include tariffs and trade restrictions and renegotiating the North American Free Trade Agreement .
Friendshoring involves relocating production and supply chains to countries that share a strong bond or alliance with the home country, regardless of their geographical location or comparative advantage in delivering the said product. Friendshoring differs from reshoring in that it is not intended to make supply chains more resilient, nor bring value-added production or jobs back to the home country.
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