Australia and Canada Explore Enhanced Collaboration and Economic Opportunities at Leadership Forum

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Toronto, Canada – The Australia-Canada Economic Leadership Forum, held from July 17 to 19 in Toronto, saw high-level representatives from both nations coming together to discuss ways to bolster their ties and accelerate the development of critical minerals. 

Among the key themes highlighted during the forum was the potential for Australia and Canada to strengthen trade ties and increase engagement in the Indo-Pacific region—a significant market for BHP, which presents a promising avenue for both countries to expand their global influence.

“On a global scale, Canada and Australia are relatively small economies. Nonetheless, we are superpowers when it comes to natural resources, absolute superpowers, and the world is going to need the resources and the expertise we have to advance decarbonisation, drive forward the energy transition, and be able to feed a growing world population,” Rag Udd, President Americas of BHP, said.

During the panel, Udd called for more extensive collaboration on simplifying regulations, creating predictable fiscal regimes, and adopting new technologies to enhance natural resource efficiency. He argued that such cooperation could supercharge the Indo-Pacific region’s economies, driving progress and sustainable development.

A crucial aspect highlighted by Udd was the significance of building strong, enduring relationships with partners across the Indo-Pacific. He cited a 20-year-long association with a Japanese trading house as an example of how such relationships lead to establishing trust and smooth business transactions.

“For me, it’s all about relationships, which take a long time to get established. For example, I’m still dealing with the same individual at one Japanese trading house that I was 20 years ago. When you build deep and enduring relationships, trust is built, and business flows,” Udd said.With a focus on maximising opportunities and addressing global challenges, Australia and Canada are poised to strengthen their collaboration and contribute significantly to regional and global prosperity.

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