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Canada is a founding member of the World Trade Organization (WTO) since 1 January 1995, having been an original GATT member since 1 January 1948.. The North American Free Trade Agreement (NAFTA), which is held with Canada by the United States and Mexico, came into force on 1 January 1994, creating the largest free trade region in the world by GDP.
Harper's government was highly concerned to maintain Canada's competitive position in international trade, which is equivalent to more than 60 percent of Canada's annual gross domestic product; one out of five jobs was created by the global market presence. [1] [2] [3]
The Trade Commissioner Services (TCS) assists companies in various aspects of international business, including exporting, foreign investment, attracting investment, and establishing innovation and research and development partnerships. Their primary objective is to support Canadian companies in their international business development.
The Canada–Peru Free Trade Agreement (CPFTA) is a free trade agreement between Peru and Canada. It was signed on 29 May 2008 and entered into force on 1 August 2009. [1] [2] The CPFTA facilitates establishment of free trade, creation of opportunities for economic development, elimination of trade barriers and promotion of fair competition.
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]
It was Canada's first free trade agreement with a Latin American nation (other than Mexico), and was Chile's first full free trade agreement. Over the first decade, trade between Canada and Chile increased more than 300%, with the trade of goods rising from $718 million in 1996 to $2.7 billion in 2010.
It highlighted the necessity of international cooperation to maximize digital trade benefits and tackle associated challenges. Key statistics from the report include: Digitally delivered services have grown nearly fourfold since 2005, with an annual growth rate of 8.1% from 2005 to 2022, accounting for 54% of total services exports by 2022.
In 1995, the name was changed to Department of Foreign Affairs and International Trade. Canada has often carried out its foreign policy through coalitions and international organizations, and through the work of numerous federal institutions (e.g.: the Royal Canadian Mounted Police International Peace Operations Branch [31] or deployments of ...