War in Ukraine | Economic challenges and opportunities for Canada, says Joly

(Ottawa) The geopolitical changes caused by the Russian invasion of Ukraine represent a challenge for Canada, but they also bring their share of opportunities, underlined the Minister of Foreign Affairs, Mélanie Joly.

Posted at 10:03 a.m.

Mylene Crete

Mylene Crete
The Press

“The world has changed since February 24, global geopolitics has changed and we are gradually becoming aware of the impacts,” she said in an interview with Professor Stéphane Roussel of the School. National Public Administration (ENAP) which followed a speech by the Minister on Monday at a luncheon organized by the Council on International Relations of Montreal.

The event was briefly interrupted by a demonstrator who was dragged out of the room by a security guard.

Asked about the boomerang effect of sanctions against Russia in Canada, Ms.me Joly recalled that they were aimed at “economically, politically, diplomatically, socially isolating” the regime of President Vladimir Putin in order “to put maximum pressure”.

“At the same time, it certainly creates opportunities for Canada from an economic point of view, but also challenges,” she said.

She gave the example of Australia’s decision to end its bauxite exports to Russia. “20% of all the aluminum that is made in Russia comes from Australian bauxite, so that definitely has an impact on our aluminum smelters here,” she explained. It creates an opportunity. »

Potash mined in Saskatchewan could replace potash from Russia. “Sweden, Belgium and Brazil knocked on our door because normally their potash comes from Belarus or even Russia,” she added.

And Quebec’s expertise with hydrogen could be useful to Germany, which is looking for new energy sources to replace the natural gas it buys from the Russians.

One of the major global repercussions of the war in Ukraine will be food. Russia is the world’s largest seller of wheat and Ukraine the fifth, according to the Food and Agriculture Organization (FAO) of the United Nations. The UN agency estimates that “8 to 13 million additional people” could thus suffer from malnutrition this year.

“It will certainly affect a large part of the Middle East and Africa,” said Mr.me Pretty. So for us, as a country which is a major cereal producer, it will be important that we play our part because otherwise there will certainly be imbalances that will be created in different regions of the world. »


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