In a global economy increasingly defined by geopolitical tensions and protectionist policies, Canada finds itself at a critical crossroads. As the specter of Trump-era trade volatility looms large once again, Export Development Canada (EDC) has made a strategic pivot that signals the nation’s determination to reduce its economic dependence on the United States. At the forefront of this transformation stands Alison Nankivell, recently appointed as EDC’s Senior Vice President of Diversification—a role as unprecedented as it is vital for Canada’s economic future.
“The days of relying primarily on the U.S. market are behind us,” Nankivell explained during a recent interview at EDC’s Ottawa headquarters. “Canada needs to be present and competitive in multiple markets simultaneously to ensure our economic resilience in an increasingly unpredictable world.”
Nankivell’s appointment represents more than just another executive shuffle; it embodies EDC’s explicit commitment to helping Canadian businesses establish footholds in markets beyond North America. With over two decades of experience in Asian markets, including significant time in China and Hong Kong, Nankivell brings precisely the international perspective that EDC’s diversification strategy demands.
The timing couldn’t be more critical. While approximately 75% of Canadian exports still flow south of the border, this concentration creates profound vulnerability to American political winds. The previous Trump administration’s unpredictable tariff policies and threats to withdraw from NAFTA sent shockwaves through Canadian industries, exposing the risks of overreliance on a single market—risks that could resurface depending on November’s electoral outcome.
“Market diversification isn’t just good business practice; it’s becoming an economic imperative,” says Goldy Hyder, president and CEO of the Business Council of Canada. “What we learned during the first Trump term was that Canada needs options, regardless of who occupies the White House.”
EDC’s diversification push targets several key regions where Canadian businesses have historically underperformed relative to their potential. Southeast Asia, with its rapidly growing consumer class, stands as a primary focus. The Indo-Pacific region collectively represents over 40% of global GDP, yet Canadian exports to these markets remain disproportionately small.
Nankivell’s background makes her uniquely qualified to bridge this gap. Before joining EDC, she served as Vice President of Funds and Global Scaling at BDC Capital, where she oversaw capital deployment across Asia. Her earlier career included positions with the Canada Pension Plan Investment Board in Hong Kong and various roles in China’s financial sector—experience that provides her with not just market knowledge but cultural fluency in regions where relationships often determine business success.
“Understanding how business operates across different cultural contexts is essential,” Nankivell notes. “What works in North American markets often doesn’t translate directly to Asia or elsewhere. Our job is to help Canadian businesses navigate these differences successfully.”
EDC’s diversification strategy extends beyond simply encouraging exports to new markets. The organization is implementing structural changes to better support businesses venturing beyond familiar territory. This includes enhanced risk insurance products for companies entering politically complex regions, expanded on-the-ground presence in key Asian financial hubs, and dedicated financing programs for small and medium enterprises looking to establish international supply chains.
The Canadian government has signaled strong support for these efforts, with recent federal budgets allocating additional resources toward trade diversification. Minister of International Trade Mary Ng has emphasized that expanding Canada’s trade relationships represents a core economic priority, particularly as global supply chains undergo significant restructuring following pandemic disruptions.
“This isn’t about choosing between the U.S. and other markets,” clarifies Nankivell. “The American relationship remains fundamentally important. What we’re building is a complementary strategy that gives Canadian businesses more options and greater stability.”
Early results suggest the approach is gaining traction. Canadian exports to ASEAN nations increased by 27% over the past year, while trade with India has grown by nearly 20% despite challenging diplomatic relations. These figures remain modest compared to U.S. trade volumes but indicate momentum in the right direction.
Critics note that previous diversification efforts have yielded mixed results, with cultural barriers, distance, and complex regulatory environments often deterring Canadian businesses from sustained engagement with distant markets. Some industry observers question whether EDC’s initiatives can overcome these persistent challenges.
“The barriers to diversification are real,” acknowledges Nankivell. “But so are the risks of standing still. Our role is to reduce those barriers through financing, risk mitigation, and market intelligence that makes these opportunities more accessible.”
As Canada navigates an increasingly complex global trade landscape, the success of EDC’s diversification strategy may ultimately depend on whether Canadian businesses themselves embrace the mindset shift Nankivell advocates. Moving beyond the comfort zone of familiar North American markets requires not just financial support but strategic patience and cultural adaptability.
The stakes extend beyond economic metrics. In a world where trade relationships increasingly intertwine with geopolitical alignment, Canada’s ability to maintain meaningful commercial presence across diverse regions could strengthen its diplomatic hand and national security position.
As November’s U.S. election approaches with its potential for renewed trade turbulence, the question remains: Can Canada meaningfully diversify its trade relationships quickly enough to weather whatever economic storms may come from its largest trading partner? Or will geographical proximity and historical ties continue to bind Canadian businesses primarily to American markets regardless of EDC’s best efforts?
