The province’s 2012 State of Trade report argued that “rapidly growing developing countries open up new opportunities for Nova Scotia. Provincial exports to Asia have increased over the last decade, and that market now represents 10 per cent of trade. Many countries in Asia, as well as the BRICS, offer significant potential for our exporters.” The report also identified that Asia has been the fastest-growing destination for the province’s products.
In the process of diversifying its trade, the province continues to monitor ongoing trade deals with Japan, Korea, India, and Trans-Pacific Partnership countries.
In February 2014, the Nova Scotia Commission on Building Our New Economy published its final report in which it recognized that the US, Europe, and Asia, represented the most significant economic opportunities for the province. In Asia, the report pointed out to fisheries and agricultural products as having the greatest potential in terms of trade.
In April 2016, the province released a China Engagement Strategy, which focuses on the three pillars of competitive strengths, international relations and coordination.
Unique among the provinces, the Halifax Port Authority signed a sister-port relationship agreement with the Shenzhen Port Authority in 2013. The purpose of the agreement with Shenzhen, which has been the world’s fourth largest container port for ten years, is to promote two-way trade between the ports and create closer relations between the two regions.
Nova Scotia also has one sister city agreement with an city in Asia (Halifax and Hakodate, Japan). In 2016, the province built on a two-decade old friendship agreement with Shandong, China by signing a province-to-province twinning agreement.
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Did You Know...
In 2010, Nova Scotia exports to China overtook those to Japan.
Between 2010 and 2015 there was a six-fold increase in exports to China.