May 18, 2024

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Canada to spend $2.3 billion to counter China

Canada to spend $2.3 billion to counter China

Canada will spend about $2.3 billion in the Indo-Pacific region in an effort to boost military spending to strengthen ties with Asian partners and counter China’s influence.

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Foreign Affairs Minister Melanie Joly unveiled the Trudeau government’s Indo-Pacific strategy on Sunday.

The amount invested will ensure security in terms of intelligence and cyber security and increase naval presence in the region.

“Bloomberg” said shortly before the official announcement that the aim was to allow increased cooperation with regional partners in the East and South China Seas.

The minister’s document also describes Beijing as an “increasingly destabilizing global power”. Canada wants to protect itself from all forms of foreign interference. It will invest C$750 million in sustainable infrastructure projects in hopes of attracting more capital from the Canadian pension fund.

The Canadian strategy has five key areas, including promoting peace and increasing trade and investment.

“As far as China is concerned, we know there’s a war for influence in the region,” Melanie Jolie said in an interview with Bloomberg. So we need to increase our presence.

“For too long, we have defined ourselves by our relationship with Europe,” he added. It’s time to check out the Pacific.

In recent years, Canada has struggled to diversify its economy, which is largely dependent on the United States and China as key partners.

According to Bloomberg, the share of cargo exports has remained roughly the same since 1997, with the Indo-Pacific region at around 7%, compared to 8.6% in Beijing alone last year.

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“The future of the Indo-Pacific is ours and we have a role to play in shaping it,” Melanie Jolie said in a statement. To this end, we must be a true and reliable partner. Today, we present a truly Canadian strategy – one that addresses every aspect of our society. This strategy sends a clear message: Canada is in the region, and it’s here to stay.”