How Does Canada Promote International Trade?

A trading nation is usually a nation where domestic commerce makes up a big percentage of the gross domestic product. More importantly, it is a nation where foreign trade plays a major role in its economy. For instance, a nation with a significant import bill such as China, India, or Mexico would have a great say over what is imported and how much is imported. In a similar vein, a trading nation such as the United States, Australia, South Korea, or the UK could have substantial impact on the trade balance of a non trading nation, say Canada. Such a nation would find itself taking a lot of risks by undertaking such an action.

To make a comparison between a non-trading nation like Canada and a trading nation like the US, a quick glance at the facts would reveal that Canada exports more to the US than the US exports to all other nations in the world combined. Moreover, Canada’s share of the global export pie is increasing at a rapid pace. Its goods are growing in popularity around the world at a pace that is unprecedented when compared to previous decades. As a consequence, Canada’s share of the global import pie is gradually rising as well. While a nation like the US that has traditionally had a major share of the global export pie is declining, Canada is increasing its share of the world’s total exports.

A good example of how rapidly Canada is growing into a significant trading nation, is evident from the recent decision by Canadian officials to open up negotiations with the European Union concerning the opening of a Comprehensive Economic Partnership Agreement with the EU. At present, Canada is bound with the North American Free Trade Agreement (NAFTA) with the United States and with the European Union. Negotiations with the EU will open up a huge new market for Canadian exports. The European Union offers a far more extensive range of markets for Canadian exports than does the North American Free Trade Agreement. As a consequence, Canada’s gross domestic product is expected to rise by more than three percent by 2021.

Growth in the export sector has been assisted by increasing exports of minerals, gas, and coal. These natural resources are very important to the development of both China and India. The countries have signed a series of economic agreements in recent years that further boost the trading nation’s attractiveness to potential foreign investors. China has become the largest trading nation in the world and is increasingly becoming a major player on the global economy scene. It is a major exporter of goods, services, and technology. And recently, it surpassed the United States to become the largest producer of goods and services that are manufactured in the entire world.

To facilitate trade between Canada and the rest of the world, various levels of government have taken important steps to improve the country’s overall ability to promote trade. Recently, following a meeting between the prime minister of Canada and the premiers of various provinces in Canada, the federal government launched the Building International Trade. The Building International Trade Program is a ten-year effort to strengthen our trade deals and to promote international trade.

This program includes a number of strategies to improve the economic welfare of Canadian families. It includes training programs, helping professionals to travel internationally, and expanding access to information and communications technology. All of these efforts will help the trading nation succeed in creating a stronger economy that will provide opportunities for all. The success of a nation depends upon its ability to attract investment, innovation, and people. To this end, Canada has taken a proactive approach to improving its ability to promote international trade.