TORONTO, Feb. 25,
2025 /CNW/ - Canada's agricultural sector is poised to lead
a new era of trade diversification, but only if it acts decisively.
A new RBC Thought Leadership report, Food First: How Agriculture
Can Lead a New Era for Canadian Exports, outlines a plan to expand
Canada's global market share by
30% and drive $44 billion in new
agri-food exports by 2035.
"This research highlights a critical moment for Canada's agri-food sector. While Canada's agricultural exports have quadrupled
in value since 2000, its global market share has shrunk by 12% as
competitors like Brazil and
Australia expand into high-growth
regions. With rising trade uncertainty and escalating tariffs in
North America, Canada must accelerate efforts to diversify
its trading partners, particularly in Southeast Asia, Africa, and the Middle East," states Lisa Ashton, Agriculture Policy Lead, RBC
Thought Leadership and author of the report.
To achieve this, RBC worked with the BCG Centre for Canada's Future to build a model projecting
export market share potential. The Food First report
introduces a national roadmap designed to unlock Canada's full potential as an agricultural
powerhouse.
"Canada has long been one of
the world's leading food producers," said John Stackhouse, Senior Vice President, Office
of the CEO, RBC. "We have an opportunity to turn agriculture into a
driving force for trade diversification and if we act now, we can
ensure Canadian farmers, processors, and exporters are
well-positioned to lead the global food economy rather than losing
ground to competitors. This report lays out a clear roadmap to
strengthen our trade relationships, scale our agri-food industries,
and make Canada a leader in
sustainable, high-value food production."
The release of the Food First report marks a key milestone in
RBC's broader efforts to help Canada build a resilient and diversified
economy. The report is part of series of major initiatives tied to
the RBC Trade Hub, a platform designed to provide data-driven
insights, strategic recommendations, and actionable solutions for
Canada's trade future.
Through the Trade Hub, RBC will bring together business leaders,
policymakers, and industry experts to drive forward a new vision
for Canadian trade - one that strengthens North America while expanding globally.
Key Recommendations from the Food First Report
- Innovation: Accelerate the adoption of precision
farming and food processing technologies to increase productivity
and efficiency.
- Capital: Scale up agri-food processing clusters to
add value to raw commodities and expand Canada's footprint in global markets.
- Digital access: Close the 5G and high-speed internet gap
in rural Canada to unlock the full
potential of digital agriculture.
- Export Infrastructure: Modernize ports, logistics, and
transportation networks to reduce bottlenecks and improve export
reliability.
- Global marketing: Strengthen market development
efforts and regulatory alignment in high-growth regions like
Southeast Asia, Africa, and Latin
America.
About RBC Thought Leadership
RBC Thought
Leadership strives to deliver critical insights to help businesses,
policymakers, and communities make informed decisions in a changing
world. From geopolitical shifts to Canadian growth and
productivity, disruptive technology, and the future of skills, its
research is designed to provide meaningful insights that can help
drive prosperity for all Canadians. You can find out more
about RBC Thought Leadership at
https://thoughtleadership.rbc.com/.
About RBC
Royal Bank of Canada is a global financial institution with
a purpose-driven, principles-led approach to delivering leading
performance. Our success comes from the 98,000+ employees who
leverage their imaginations and insights to bring our vision,
values and strategy to life so we can help our clients thrive and
communities prosper. As Canada's
biggest bank and one of the largest in the world, based on market
capitalization, we have a diversified business model with a focus
on innovation and providing exceptional experiences to our more
than 18 million clients in Canada,
the U.S. and 27 other countries. Learn more at rbc.com.
We are proud to support a broad range of community initiatives
through donations, community investments and employee volunteer
activities. See how at rbc.com/peopleandplanet.
For more information, please contact:
Frances Dawson
SOURCE RBC
