Canada International Free Trade Agreements
Canada is regularly referred to as a trading nation, with total trade accounting for more than two-thirds of its GDP (the second highest level in the G7 after Germany).   Of all of this trade, approximately 75% are wiretapped with countries that are part of free trade agreements with Canada, particularly with the United States through the North American Free Trade Agreement (NAFTA).  At the end of 2014, bilateral trade in Canada reached $1 trillion for the first time.  “Current debates on free trade cannot be understood without understanding this conflict” between the costs and benefits of trade liberalization, notes Daniel Trefler in The Long and Short of the Canada-US Free Trade Agreement (NBER Working Paper No. 8293). “This paper,” he writes, “does not provide the sphere of money that stands for or against free trade.” The central principle of the international economy is that free trade improves economic well-being. But the fact is that we have only one time to let the general public know, to an audience that is caught up in the weariness of free trade. Estva, he writes, offers a unique window into the impact of trade liberalization, as it is an exceptionally clean trade measure, which is not grouped into a broader set of national economic policies or market reforms. After its full implementation, the CPTPP will form a trading bloc representing 495 million consumers, and 99% of tariff lines will be tariff-free between the parties. Canada`s main exports to CPTP member states include natural resources and agricultural products.
The Chile, Peru, Colombia and Korea free trade agreements on this side contain provisions similar to the North American Free Trade Agreement (NAFTA) that grant temporary access to four categories of businessmen: business visitors, professionals, internal distributors, traders and investors. There are differences with respect to NAFTA. Fourteen free trade agreements have been ratified by the Canadian government and are currently in force. Together, these agreements represented $507.8 billion in imports and $533.7 billion in exports in 2018, representing a net export surplus of $25.9 billion. By comparison, in the same year, Canada`s total imports with the world were $596.0 billion, while total exports were $584.1 billion, representing a net export deficit of $11.9 billion. Canada has many types of agreements and initiatives with foreign countries.