Trade Agreements Canada Has Signed

The first trade agreement between Canada and a foreign country was negotiated with France in 1893 and came into force in 1895, the same year the first commissioner of trade arrived in Sydney, Australia. The agreement gave the two countries most-favoured-nation status and extended minimum tariffs on certain products such as canned Canadian meat, fish and fruit. The British also insisted that Canada extend the treatment to itself and to countries with which it had contracts, including Belgium, Germany, Sweden and Russia. Canada`s total trade with NAFTA countries was valued at $788 billion, or 66.8% of total Canadian world trade in 2018. Automotive production and natural resources were among the main export industries. Learn more about Canada`s trade policy and key trade priorities, including how access to foreign markets is critical to our prosperity. Trade agreements – and a huge expansion of exports – followed with a number of countries such as: the North American Free Trade Agreement between Canada, the United States and Mexico came into force on January 1, 1994 and created the world`s largest free trade region in terms of GDP. In 2014, the combined GDP for NAFTA was estimated at more than $20 trillion, with a market of 474 million people. [5] [6] Building on this success, Canada continues to negotiate and conclude free trade agreements with more than 40 countries, most recently with South Korea, which is Canada`s first free trade agreement with a partner in the Asia-Pacific region. Beginning in 2018, Canada also concluded two other important multilateral trade agreements: the Comprehensive Economic and Trade Agreement (CETA) with the European Union and the Eleven-Nation Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) with ten other Pacific countries. [7] On September 21, 2017, CETA was provisionally applied, which immediately eliminated 98% of the Union`s tariffs on Canadian products.

[8] Canada is currently the only G7 country to have free trade agreements with all other G7 countries. Free trade with Japan, the last G7 country, began with the entry into force of the CPTPP on 30 December 2018. Proponents say CETA will increase trade between Canada and the EU by 20 percent and boost the EU`s economy by €12 billion ($13 billion) a year and Canada`s by $12 billion ($9 billion). COVID-19 is impacting international travel, including business travel under free trade agreements such as NAFTA, CETA and CPTPP. For more information, consult the relevant immigration services of Canada`s trading partners. Domestic and International Trade Agreements with Procurement Obligations: Learn more about Canada`s trade and investment agreements: types of contracts and how trade and investment agreements are gradually evolving. Global Affairs Canada has developed pages on how CETA and the CTPPP benefit SMEs. These pages offer an abundance of resources and practical instructions for businesses….