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Bank of Canada Governor Stephen Poloz.Adrian Wyl

If Canada's economic recovery "hinges critically" on exports, as Bank of Canada Governor Stephen Poloz has declared, the path to better times must surely start with increased exposure to faster-growing emerging markets.

Canada's failure to do a better of job of exploiting such opportunities might not have been so great a problem if the United States, our dominant (and vastly preferred) trading partner, had been firing on all cylinders in recent years. But that hasn't been the case. Which leaves the question of why Ottawa is going out of its way to discourage dealings with one of the major alternatives.

That would be Russia, which the West is determined to punish for its transgressions in Ukraine.

To that end, Western leaders have suspended Russia's membership in the G8, curtailed bilateral dealings, discouraged new investments and imposed travel bans, asset freezes and other sanctions on key aides, advisers and certain businesses and organizations with close ties to Russian President Vladimir Putin. And they are weighing further curbs on such key sectors as energy, defence and finance if Mr. Putin wades into the Ukrainian presidential election scheduled for May 25.

The Conservative government has been one of the most vocal in pushing for tougher sanctions, and it doesn't appear concerned about any dampening effects on trade or investment. So we get the unusual interference of International Trade Minister Ed Fast, who has been urging Canadian executives to boycott major business events in Russia, such as the St. Petersburg International Economic Forum this month, the Innoprom industrial exhibition in Yekaterinburg in July and the World Petroleum Congress in June.

The WPC, an important industry event held every three years, typically draws all the movers and shakers in the industry, along with key officials from some 80 countries, to discuss global energy matters. But it had the misfortune of picking Moscow for this year's gathering.

Mr. Fast's interjection, of course, is entirely political. But is that a sensible role for the one cabinet minister charged with boosting Canada's trade and investment ties around the world? Surely not.

What's more, it comes at a time when economies in China, Brazil, India and a handful of other key emerging countries are slowing markedly, providing scant motivation for Canadian companies to explore those markets.

Where, then, are Canadian companies supposed to go?

One of the many problems with all of this huffing and puffing is that although Brussels and Washington talk about taking further extensive measures, the Europeans are never going to sign on to any penalties that could endanger their access to vital Russian energy exports or the billions of dollars worth of investments they have made across a broad swath of the Russian economy in everything from energy, banking and retailing to food and autos. The U.S. is in much the same boat.

All of this leaves Canadian companies in an awkward position.

One part of the Ottawa bureaucracy is lecturing them on the need to build their export muscle while another hectors them to stay away from important international meetings.

That's a confusing mix of messages, especially since Canada's absence from Russia would be, at best, a purely symbolic gesture. Canadian exporters would appreciate a little more clarity.

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