CALGARY, April 2, 2015 /CNW/ - Yesterday was the deadline to join the Asian Infrastructure Investment Bank (AIIB) as a founding member. Once again Canada is on the sidelines as Asia and most of the rest of the world moves along without us.
The Asian Infrastructure Investment Bank (AIIB) is a new regional multilateral development bank that was announced by China at the APEC summit in 2013 and was launched at the 2014 APEC summit in Beijing. The new regional bank has been the subject of considerable scrutiny and media attention – more than would be expected for this kind of institution – because it signifies a change in the international relations.
A report released today by The School of Public Policy exposes the potential missed opportunity for Canada to join the AIIB and what implications that may reveal. According to the report "Canada's relationship with China has been warming in modest ways in the past year. The AIIB reflects a world where the majority of global GDP will soon be produced in Asia, and where the infrastructure needs in the region are enormous. Canada has much to offer in terms of skills and expertise in building infrastructure."
Joining the AIIB would be a useful signal of engagement and support for China as a constructive international player. Failure to join signals that the Canadian government is following the U.S. lead – or has little interest in Asia and its economic priorities.
The paper can be downloaded at http://www.policyschool.ucalgary.ca/?q=research
SOURCE The School of Public Policy - University of Calgary
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