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The free trade agreements of Canada represents Canada's cooperation in multinational trade pacts and plays a large role in the Canadian economy. Canada is regularly described as a trading nation , considering its total trade is worth more than two-thirds of its GDP (the second highest level in the G7 , after Germany ).
The Canada–European Free Trade Association Free Trade Agreement is a trade agreement between Canada and the member states of the European Free Trade Association (Iceland, Norway, Switzerland and Liechtenstein). Signed in Davos, Switzerland on January 26, 2008, it came into effect on July 1, 2009. The agreement is aimed at eliminating all ...
A 2019 working paper from the International Monetary Fund found that internal trade barriers continued to impact Canadian GDP despite the updated agreement and "significant scope to build on the new Canadian Free Trade Agreement", claiming that removing barriers to internal trade could increase Canada’s GDP per capita by as much as 3.8%. [17]
NAFTA is designed to eliminate tariff barriers and liberalize investment opportunities and trade in services. NAFTA includes Canada, Mexico, and the United States, where went into effect in 1994. The United States and Canada historically have had various forms of mutual economic cooperation. They signed the Canada-United States Free Trade ...
According to Statistics Canada, the EU is also the second largest source of foreign direct investment (FDI) in Canada, with the stock of FDI amounting to $133.1 billion at the end of 2008. In 2008, the stock of Canada's direct investment in the EU totalled $136.6 billion, and the EU is the destination of 21.4% of Canadian direct investment abroad.
People's Republic of China (Australia–China Free Trade Agreement) Canada is negotiating or planning bilateral trade agreements with: Andean Community ; CARICOM Archived 2011-05-20 at the Wayback Machine; Guatemala, El Salvador, Honduras, and Nicaragua (Canada Central American Free Trade Agreement)
[8] The Canada Europe Roundtable for Business (CERT), founded in 1999, had been a principal advocate for a free trade agreement supported by more than 100 Canadian and European chief executives. CERT was co-chaired by former Canadian trade minister Roy MacLaren and former editor of The Economist magazine Bill Emmott. [9]
Free trade areas are set up between countries; for example, the Latin America Free Trade Association (LAFTA) was created in the 1960 Treaty of Montevideo by Argentina, Brazil, Chile, Mexico, Paraguay, Peru, and Uruguay; and the North American Free Trade Agreement was established between Mexico, the United States, and Canada. In free trade areas ...