Countries having cautious reliance on China while maintaining constructive engagement is essential to the future of globalisation in a world where trade is increasingly used as a weapon, according to Canada’s former deputy prime minister.
“In a world where the weaponisation of trade is real, we need to be thoughtful about where we’re building economic dependencies,” Chrystia Freeland told the Peterson Institute for International Economics during a discussion about the securitisation of trade and the future of globalisation on Wednesday.
Freeland endorsed European Commission president Ursula von der Leyen’s 2023 comments on de-risking economic ties with China, expressing the need for a global economic system “in which China works” but other countries’ vulnerabilities are limited.
“Even in business, no business likes to be dependent on a single customer, even if the customer is your great friend. I think for all of us to de-risk is a good idea.”
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Freeland was Canada’s deputy prime minister from 2019 to 2024, serving the Liberal Party under then Prime Minister Justin Trudeau. She also served as Canada’s finance minister.
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