Canada is one of the most active trading nations in the world. Its economy heavily relies on trade agreements to increase exports and attract foreign investments. Here are some of the countries Canada currently has trade agreements with:
1. United States
Canada`s most important trade partner is undoubtedly the United States. The two countries have been trading partners for over 200 years and share the world`s largest trading relationship. The North American Free Trade Agreement (NAFTA) was signed in 1994, which eliminated tariffs and trade barriers between the two nations, creating a free trade zone. The agreement was recently replaced by the United States-Mexico-Canada Agreement (USMCA), which further strengthens trade ties between the countries.
2. Mexico
Canada also has strong trade ties with Mexico. Like the United States, Mexico is part of the USMCA, which has helped boost trade between the three countries. The trade agreement creates a more level playing field for Canadian businesses, increases market access, and removes trade barriers.
3. European Union
Canada has a comprehensive trade agreement with the European Union (EU) called the Comprehensive Economic and Trade Agreement (CETA). The agreement removes tariffs on most goods and services between the two trading partners, making it easier for Canadian businesses to sell their products in Europe. The agreement also includes provisions on intellectual property and government procurement.
4. Asia-Pacific region
Canada has also signed several trade agreements with countries in the Asia-Pacific region. These agreements include the Canada-Korea Free Trade Agreement (CKFTA), the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), and the Canada-Hong Kong Trade Agreement (CHKT). These agreements increase market access and create new opportunities for Canadian businesses in these regions.
5. Other countries
Canada has also signed trade agreements with other countries such as Israel, Chile, and Costa Rica. These agreements help create new opportunities for Canadian businesses and increase trade flows.
In conclusion, Canada has a robust network of trade agreements with countries around the world. These agreements help to increase exports, create jobs, and boost economic growth. Canadian businesses should take advantage of these agreements by exploring new markets and opportunities abroad.
