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Welcome! What you are expected to learn!

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Welcome! What you are expected to learn!

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Welcome to my presentation on the Free Trade Agreement and Protectionism. You are going to learn about what both of these are, why they are used and what the difference between them are!

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This video talks about what free trade agreements or FTA's are and how they work. An FTA is an agreement between 2 or more countries in which they lift the trade barriers, cut tariffs, and establish a fair set of rules. This ultimately helps the economy because it allows our products to be shipped easier, as well as allows our countries to have a higher living standard.  Having FTAs also provides 1.9 million jobs for people in Canada as they work with the exports just to the United States. This doesn't include other exports to other countries. (https://www.international.gc.ca/trade-commerce/consultations/nafta-alena/toolkit-outils.aspx?lang=eng) Overall having FTA's will allow an economy to flourish and grow over time.

I chose this video because even though the USA is used as the example, it still gives you a great idea of what a TFA is. The explanation, with the pictures connecting it, allowed me to get a great understanding. The piece I found useful was that it helps create jobs for many Canadians. 1.9 million to be exact for only the exports to the USA.

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Corporations 101: What Are Free Trade Agreements?

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This video talks about what protectionism is and how it works. Protectionism is when a country is basically trying to protect itself from imports. This means they are going to raise the prices of the imports so that the consumer is less likely to buy. At first, this will start creating more jobs in the country as more domestic manufacturing will be used. With very little competition because of no outside competitors innovation starts to lag and growth starts to stagnate and companies will only produce for the domestic markets. This will then make neighboring countries do the same and it starts a domino effect. Most waves of protectionism are followed by a financial crisis.

I chose this video because it gives you a great idea of what protectionism is and what can happen because of it. One piece of information I found useful was that Protectionism is usually followed by a financial crisis.

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What is protectionism? | Made in Germany

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This video explains why a country might go to a protectionism approach. The video starts off with the first reason for protectionism which is if a countries industry is just starting out. Then it goes into dumping, at number 2, which is the sale of goods below its cost of production. This can lead to other countries being hit very hard as they can't compete with the prices of the goods. Making them have to "protect" themselves and introduce taxes on these goods as a retaliation. Number 3 is it protects domestic employment and maybe even boosts it. Number 4 is unfair labor wage. Meaning your country just can't compete because the wage of other countries is so low. 5 is protecting from poor quality products entering the country. 6 is to try and raise government revenue. For many developing countries this is quite a big argument as you can tax the goods and use them to boost your economy. Number 7 was to improve a current account deficit. Finally, number 8 is to avoid the risk of over-specialization. This means a country isn't relying on one kind of good for economic growth but has multiple fallbacks.

I chose this video because from the first post about protectionism you might wonder why a country would do that over free trade. This gives you a great explanation with a lot of information about the subject. One thing of information I found useful was the whole thing with dumping. I didn't know that countries would do that knowing how much it's screwing over who they are exporting it to. It's even crazier that you have to be careful of who you call out on it because if you are wrong there are reproductions for it.

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This website talks about Canada’s protectionism. It has been estimated that 35% of the Canadian Economy is protected by some sort of protectionism. Basically means that the consumer of these products are going to have to pay more for the same product even though innovation is less. A couple of examples of protectionism in Canada would be how the Canadian economy does not allow the free movement of goods between countries. Or how many industries like airlines don't allow foreign investments. The rule is if a company holds more than 10% market share, foreigners cannot hold more than 20%. Even the liquor distribution is owned by the province. Finally, Canadian staples like maple syrup are also heavily protected by the government.

I chose this because it's important to know that countries are able to do both. If a county decided they want a free trade agreement they can, but they can also choose to protect certain things just like Canada and maple syrup. Something I found useful about this website is when it said that foreign companies can not invest in airlines. I did not know that this was a thing and I'm thinking if they did allow it how much cheaper would a flight be.

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1. Home

2. Library

3. Operations

4. Globalization

5. Canada's Protectionist Economic Policies

Canadian Prime Minister Justin Trudeau is often seen criticizing American President Donald Trump for his protectionist trade policies. Trudeau has openly criticized the Americans and Trump in particular for breaking up the NAFTA and for pulling out of the Paris Accord.

Trudeau also wants to project Canada's image as a country wherein immigrants are welcome. This is the reason why Trudeau has started creating policies which allow H1B workers to migrate to Canada easily.

However, the reality is that all of Trudeau's policy seems like a publicity stunt. This is because if we look behind the carefully cultivated image, Canada is probably the most protectionist country on the American continent. The reality is that the rules and regulations in Canada are so complex that even the provinces are not able to freely trade with each other.

It has been estimated that more than 35% of the Canadian economy is protected by some form of protectionism. This means that state-sponsored monopolies work with impunity in Canada. As a result, consumers suffer. There is less innovation in services, and consumers have to pay a higher price for the same services since inefficiency is encouraged by blocking out competitors from other countries.
In this article, we will have a closer look at Canada's protectionist policies as well as how they are negatively affecting the American economy.
Examples of Canadian Protectionism

The Canadian economy does not allow free movement of goods and services between provinces. There are certain provinces like Quebec and Alberta, which are infamous for harbouring protectionist tendencies.

There are many industries, such as the airline industry which do not allow investment by foreign companies. The rules state that if a company holds more than 10% market share, foreigners cannot hold more than 20% of the company's common stock!

The liquor distribution companies in Canada are also owned by the state. They continue to survive even though they are known to be highly inefficient. Canada Post is also another example which can be used in this regard. The highly inefficient loss-making company is held on by the Canadian government.

Products manufacturing Canadian staple products like maple syrup are also heavily protected by the Canadian government. Foreign investment is discouraged because of the fear of losing the competitive edge in these industries.

Since all the above-mentioned industries have a high volume and hence form a major chunk of the economy, it can be said that the Canadian government does indeed have protectionist tendencies regardless of what their public would like you to believe.

Problems with Protectionism

The Canadian government and also the people are suffering from a lot of negative consequences of protectionism. Lack of competition and rising prices are some of the obvious side effects. Some not so obvious side effects have also been listed below.

Lack of Scale: Canada is probably the only country in the world where the inter-provincial movement of goods and services is severely restricted. Since most companies are restricted to their own provinces, their business opportunities are limited. As a result, they cannot really grow big and expand their scale. Companies generally realize a lot of cost benefits when they start mass producing goods and services. Thanks to Canada's protectionist policies, its companies have not been able to reap the true benefits of economies of scale. Hence, the prices of their products are higher compared to the international market. As a result, very few of Canada's products are actually exported to the external world.

Movement of Labour

The biggest problem with Canada's protectionism is that it interrupts the free movement of labour from one province to another. This exacerbates the unemployment problem in industries where licensing is required. For instance, if there is a doctor in Quebec, he/she would need to apply for another license to practice in British Columbia.

As a result, even though workers have the exact same skill set, they cannot practice in all the states. In order to practice medicine in all of Canada, a doctor is required to have 13 different provincial licenses! It is ironical that Justin Trudeau is trying to project his country as the destination for immigrants. The reality is that Canada has a very stringent licensing system. It does not function like one single country. Instead, it functions like 13 different provinces!

Difficulty in Signing Trade Deals

Canadian bureaucrats have also expressed a lot of difficulty in signing trade deals with other countries. For instance, if America or Mexico enter a trade deal, then the rules are applicable across the entire country. However, when it comes to Canada, there are different rules for almost every province. This means that the trade partners have to comply with 13 different sets of law. Obviously, this makes compliance more complicated, time-consuming as well as expensive. Canadian bureaucrats have expressed concerns about their inability to enter into better trade deals until the country starts acting like one single unit.

Hence, it would be appropriate to say that the image being cultivated by Justin Trudeau is a façade. If he really wants to open markets and indulge in free trade, removing the barriers separating Canadian provinces from other Canadian provinces would be a good place to start.

Authorship/Referencing - About the Author(s)

The article is Written By "Prachi Juneja" and Reviewed By Management Study Guide Content Team. MSG Content Team comprises experienced Faculty Member, Professionals and Subject Matter Experts. We are a ISO 2001:2015 Certified Education Provider. To Know more, click on About Us. The use of this material is free for learning and education purpose. Please reference authorship of content used, including link(s) to ManagementStudyGuide.com and the content page url.

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Home Library Operations Globalization Canada's Protectionist Economic Policies Canadian Prime Minister Justin Trudeau is often seen criticizing American President Donald Trump for his protectionist trade policies. Trudeau has openly criticized the Americans and Trump in particular for breaking up the NAFTA and for pulling out of the Paris Accord.

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This video begins with an explanation of both Free Trade and Protectionism. But because we already know all about that I'll skip to the part where he uses a side by side to help explain each side. This side by side lets you really see the difference between what both of these topics are about. Free trade has no restrictions on imports or exports while protectionism does. It then goes into the history of both and where they were created. Protectionism started in 15th-century Europe which held out till 1776 when a man named Adam Smith came out with free trade, which challenged protectionism. Finally, this video discusses if Free Trade is better than Protectionism. In which it states that it not all the time it is better. There are still many downsides if Free Trade is not properly regulated. Therefore countries that are using Free Trade must put regulations in place to make sure the success of free trade.

I chose this video because it's good to know that free trade is not always the answer. It showed you what can happen if free trade isn't regulated and if it isn't, protectionism would be better. One thing of information I found interesting was when he did a side-by-side of the 2 groups. It really showed me the difference between the 2 making it easier for me to understand.

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Is FREE TRADE better than PROTECTIONISM? What is FREE TRADE and PROTECTIONISM?

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this picture is of all of Canadas Trade Agreements it gives you a nice representation of who Canada is with and where our exports can go and imports come from. This world map has a key and everything so its extremely easy to see the visual of our agreements and how far they spread around the world.

I chose this

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This website goes into what the CFTA is and how it works. It started in 2014 when the Federal, Municipal and Territorial governments began negotiations to improve the Agreement on Internal Trade. The goal was to level the playing field for trade and investment in Canada. This agreement enhanced the flow of goods and services, investments and labour mobility, got rid of technical barriers, improved procurement coverage and promotes regulatory cooperation within Canada. The CFTA is used to enhance domestic commerce which is a big part of economic growth. Internal trade roughly represents 1/5th of Canada's annual GDP (around $385 Billion).

I chose this because it's important to know about the free trade agreement within just Canada. Something I found interesting was that we need a trade agreement to trade between provinces. I thought because we were all a country that any trading within wouldn't be any issue.

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NAFTA (North American Free Trade Agreement)

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NAFTA (North American Free Trade Agreement)

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This website talks about what NAFTA (North American free trade agreement) is and what it does. NAFTA is the free trade agreement for North America which allows Canada, the U.S. and Mexico make things together rather than simply sell to each other. The USA and Mexico are Canada's first and third largest trading partners in the world. NAFTA came into effect on January 1st, 1994 and has 22 chapters that are divided into 8 parts and 10 annexes. With this agreement all three of these countries are growing in their economy as the trading between the countries have now risen because of no tariffs. 400 000 people and $2.4 billion worth of goods an services cross Canada-US boarders daily and because of this 1.9 million Canadian jobs are related to the exports from Canada to the USA. This website also give background information about NAFTA and how it was created.

I chose this website because its very important that you know about our countries biggest Free Trade Agreement. At the time of signing NAFTA was the biggest Free Trade market in the world. Something found useful was how much money and people are actually crossing the boarder each day. With that much just going one way I can now understand why it was the biggest market in the world at the time.

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This page serves as a toolkit for Canadians interested in learning more about the North American Free Trade Agreement (NAFTA) and the modernization of the Agreement.

Frequently asked questions

Select the question below to learn more about NAFTA:

What is the North American Free Trade Agreement (NAFTA)?

NAFTA is a free trade agreement between the United States, Mexico, and Canada, that came into effect on January 1, 1994.

NAFTA was built on the success of the earlier Canada-U.S. Free Trade Agreement (CUSFTA) that came into effect in 1989 and complements World Trade Organization (WTO) agreements by making deeper commitments in some key areas.

With the coming into force of NAFTA, the world's largest free trade area was formed. The agreement has helped grow the size of and increase the standard of living for the middle class in all three countries.

Under NAFTA, tariffs on all covered goods traded between Canada and Mexico were eliminated in 2008. Tariffs on covered goods traded between Canada and the United States became duty free on January 1, 1998, in accordance with the CUSFTA which was carried forward under NAFTA.

What have been the benefits of NAFTA for Canada?

Since 1994, NAFTA has generated economic growth and rising standards of living for the middle class of all three member countries. By strengthening the rules and procedures governing trade and investment throughout the continent, NAFTA has proven to be a solid foundation for building Canada's future prosperity.

NAFTA has had an overwhelmingly positive effect on the Canadian economy. It has opened up new export opportunities, acted as a stimulus to build internationally competitive businesses, and helped attract significant foreign investment.

NAFTA has been a success by serving as a basis to grow both trilateral and bilateral North American relationships. This integration helps maximize our capabilities and make our economies more innovative and competitive.

Under NAFTA, total trilateral merchandise trade, as measured by the total of each country's imports from its other two NAFTA partners, increased more than three-fold since 1993.

Cooperation through NAFTA has created a North America where Canadian, American and Mexican companies do more than sell things to each other, now, our companies make things together.

Why is Canada consulting on a renegotiation of NAFTA?

Engaging with Canadians, especially with women, Indigenous peoples and youth, will be an important factor in informing the Government of Canada's positions and proposals in the potential renegotiation and modernization of NAFTA.

The purpose of these consultations is to identify key interests and concerns of Canadians with respect to NAFTA.

How will Canadians be updated on the progress of consultations?

The Government of Canada plans to provide periodic updates and summaries of the consultations, including stakeholders consulted, where consultations took place, and what topics were discussed during the consultations.

How long will the consultations last?

Once the Canada Gazette notice is issued on June 3, 2017, the Government will accept written submissions until July 18, 2017.

However, NAFTA consultations are an ongoing process that will be carried over throughout the negotiations.

Following the Canada Gazette process, other consultation mechanisms will be announced.

Factsheet: NAFTA

NAFTA's track record is one of economic growth and middle class job creation, both here in Canada and across North America. It also paved the way for unprecedented economic integration between partners, creating a platform where companies from Canada, the U.S. and Mexico make things together rather than simply sell to each other.

Highlights

North America is home to over 480 million people.

The U.S. and Mexico are respectively Canada's first and third largest merchandise trading partners in the world.

Canada is respectively the second- and fourth- largest merchandise trading partner of the United States and Mexico.

In 2016, trilateral trade reached nearly USD$ 1 trillion - more than a three-fold increase since 1993.

NAFTA

NAFTA came into effect on January 1, 1994.

NAFTA has 22 chapters, divided in eight parts, and 10 annexes (including chapter-specific annexes).

There are also two side agreements:

The North American Agreement on Labour Cooperation (NAALC)

The North American Agreement on Environmental Cooperation (NAAEC)

Canada - United States

400,000 people and over $2.4 billion worth of goods and services cross the Canada-U.S. border daily.

1.9 million Canadian jobs are related to Canada exports to the U.S.

Canada is the largest merchandise export market for the U.S. and one of the three largest country merchandise export markets for 48 U.S. states.

Almost 9 million jobs in the U.S. depend on trade and investment with Canada.

In 2016, the U.S. exported nearly US$266 billion of merchandise to Canada.

Canada - Mexico

Since 1993, Mexico-Canada merchandise trade grew nine-fold, while services trade has increased six-fold.

Background information

NAFTA came into effect on January 1, 1994, creating the largest free trade region in the world at that time, generating economic growth and helping to raise the standard of living for the people of all three member countries. By strengthening the rules and procedures governing trade and investment, NAFTA has proven to be a solid foundation for building Canada's prosperity and has set a valuable example of the benefits of trade liberalization for the rest of the world.

Given that the Agreement is over 23 years old, there are many clarifications and technical improvements that could be made in all trade areas covered by NAFTA, such as labour, the environment, or culture, for example. NAFTA would also benefit from the inclusion of new trade areas, such as electronic commerce, that are not currently covered, to ensure the agreement is aligned with today's economic realities.

Under NAFTA, total trilateral merchandise trade, as measured by the total of each country's imports from its other two NAFTA partners, reached nearly USD$ 1 trillion, representing more than a three-fold increase since 1993. Some 77.8 percent of Canada's total merchandise exports were destined to our NAFTA partners in 2016. Total merchandise trade between Canada and the United States more than doubled since 1993, and grew nine-fold between Canada and Mexico.

Canada is the largest merchandise export market for the U.S. and one of the three largest country merchandise export markets for 48 U.S. states. In 2016, the U.S. exported nearly US$266 billion of merchandise to Canada, and for the same year, the United States was the number one destination for Canadian merchandise exports, and was Canada's largest supplier of merchandise imports. Almost 9 million jobs in the U.S. depend on trade and investment with Canada, while 1.9 million Canadian jobs are related to Canada exports to the U.S. Canada is the main foreign supplier of energy to United States, and was the fifth largest cumulative source of foreign direct investment (FDI) into the United States.

Canada's trade and investment relationship with Mexico has seen strong growth since the entry into force of NAFTA. Furthermore, Canada receives approximately 20,000 agricultural workers annually under the Seasonal Agricultural Workers Program, often cited as a model for international labour-mobility arrangements. Mexico's demographic and economic prospects point toward an even greater growth in commercial exchanges.

The enhanced economic activity and production in the region have contributed to the creation of jobs for Canadians with one in six jobs in Canada related to exports. With the addition of more than 5 million net new jobs since 1993, Canada's unemployment rate has decreased from 11.4 percent (1993) to 7.0 percent (2015).

NAFTA's provisions ensure greater certainty and stability for investment decisions and have contributed to enhancing Canada's attractiveness for foreign investors while providing more opportunities for Canadians to invest in NAFTA partners' economies. Under NAFTA's investment-friendly environment, Canada and the U.S. developed one of the world's largest investment relationships, while the Canada-Mexico relationship increased dramatically since the Agreement entered into force.

North America is home to over 480 million people, and over one quarter of the world's economic output. Our integration helps maximize our capabilities, making our economies more innovative and competitive, creating a North America where Canadian, American and Mexican companies do more than sell things to each other - now, our companies increasingly make things together.

NAFTA has benefited North American businesses through increased export opportunities resulting from lower tariffs, predictable rules, and reductions in technical barriers to trade. Along with increasing exports and imports, firms have become more specialized and thus more competitive, allowing for them to make things together for customers within and beyond the NAFTA region.

North American Agreement on Labour Cooperation

The North American Agreement on Labour Cooperation (NAALC) came into effect in January 1994. It is one of two parallel accords to NAFTA. The Agreement is administered by the Commission for Labour Cooperation, which consists of a Council of Ministers and a tri-national Secretariat, based in Washington D.C. Currently four provinces (Quebec, Alberta, Manitoba and Prince Edwards Island) are signatories to the NAALC through an Intergovernmental Agreement.

The Commission works in close cooperation with the National Administrative Offices (NAOs) established in each country to implement the Agreement and serve as the national point of contact. In Canada, the Office for Inter-American Labour Cooperation within the Labour Branch of Employment and Social Development Canada acts as the Canadian NAO. The Canadian NAO also provides for the submission and receipt of public communications (complaints) on labour law matters arising in the territory of another Party and serves as the official review agency in Canada.

North American Agreement on Environmental Cooperation

The second parallel accord is the North American Agreement on Environmental Cooperation (NAAEC), which established the Commission for Environmental Cooperation (CEC) in 1994. The CEC is mandated to enhance regional environmental cooperation, reduce potential trade and environmental conflicts and promote the effective enforcement of environmental law. It also facilitates cooperation and public participation in efforts to foster conservation, protection and enhancement of the North American environment. It consists of three principal components: the Council (Environment Ministers), the Joint Public Advisory Committee (JPAC) and Secretariat, headquartered in Montreal. It has an annual budget of US$9 million, with Canada, Mexico and U.S. contributing US$3 million per year, and is governed by consensus (not majority).
For more information on the Canada-U.S. and Canada-Mexico relationship, including statistics, please visit the following:

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North American free trade agreement (NAFTA) - Resources

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This page serves as a toolkit for Canadians interested in learning more about the North American Free Trade Agreement (NAFTA) and the modernization of the Agreement. Select the question below to learn more about NAFTA: What is the North American Free Trade Agreement (NAFTA)?

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This website states all of Canadas Free Trade Agreements. Canada is the founding member of the WTO ( World Trade Organization) since January of 1995. After the success of NAFTA Canada continued to negotiate and now has free trade agreements with more than 40 other countries and will proceed to try and get more. Canada is currently the only G7 country to have agreements in force with all other g7 countries. The last one was japan but that agreement came into effect when CPTPP was put into force in December of 2018. Canada has also had 3 agreement proposals abandoned which are FTAA, CCA4FTA and TTP.

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Canada is regularly described as a trading nation as its total trade is worth more than two-thirds of its GDP (the second highest level in the G7 after Germany). Of that total trade, roughly 75% is done with countries which are part of free-trade agreements with Canada, primarily the United States through the North American Free Trade Agreement (NAFTA). By the end of 2014, Canada bilateral trade hit C$ 1 trillion for the first time.

The North American Free Trade Agreement between Canada, the United States, and Mexico came into force on January 1, 1994, creating the largest free-trade region in the world by GDP. By 2014, the combined GDP for the NAFTA area was estimated to be over C$20 trillion with a market encompassing 474 million people. Building on that success, Canada continues to negotiate and has concluded free-trade agreements with more than 40 countries, most recently with South Korea, which represents Canada's first FTA with a partner in the Asia-Pacific region. As of 2018, Canada has also concluded two other significant 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 Rim countries. On 21 September 2017, CETA was provisionally applied, immediately eliminating 98 per cent of EU's tariff lines on Canadian goods. Canada is currently the only G7 country to have free trade agreements in force with all other G7 countries. Free trade with the final G7 country, Japan, commenced when the CPTPP entered into force on 30 December 2018.

Canada is a founding member of the World Trade Organization (WTO) since January 1, 1995.

The following is a list of countries and trading blocs that Canada has current FTAs with.

Canada is negotiating bilateral FTAs with the following countries and trade blocs:

Canada is undertaking exploratory discussions of bilateral or multilateral FTAs with the following countries and trade blocs, although formal negotiations have not yet begun:

A foreign investment promotion and protection agreement (FIPA) is an agreement to promote foreign investing.

The following is a list of FIPAs in force, including date of entry into force.

Canada-Argentina (29 April 1993)

Canada-Armenia (29 March 1999)

Canada-Barbados (17 January 1997)

Canada-Benin (18 January 2013)

Canada-Burkina Faso (11 October 2017)

Canada-Cameroon (16 December 2016)

Canada-China (1 October 2014)

Canada-Costa Rica (29 September 1999)

Canada-Côte d'Ivoire (14 December 2015)

Canada-Croatia (30 January 2001)

Canada-Czech Republic (22 January 2012)

Canada-Ecuador (6 June 1997)

Canada-Egypt (3 November 1997)

Canada-Guinea (27 March 2017)

Canada-Hong Kong (6 September 2016)

Canada-Hungary (21 November 1993)

Canada-Jordan (14 December 2009)

Canada-Kosovo (19 December 2018)

Canada-Kuwait (19 February 2014)

Canada-Latvia (24 November 2011)

Canada-Lebanon (19 June 1999)

Canada-Mali (8 June 2016)

Canada-Mongolia (24 February 2017)

Canada-Panama (13 February 1998)

Canada-Peru (20 June 2007)

Canada-Philippines (13 November 1996)

Canada-Poland (22 November 1990)

Canada-Romania (23 November 2011)

Canada-Russian Federation (27 June 1991)

Canada-Senegal (5 August 2016)

Canada-Serbia (27 April 2015)

Canada-Slovak Republic (14 March 2012)

Canada-Tanzania (9 December 2013)

Canada-Thailand (24 September 2008)

Canada-Trinidad & Tobago (8 June 1996)

Canada-Ukraine (24 June 1995)

Canada-Uruguay (2 June 1999)

Canada-Venezuela (28 January 1998)

The following is a list of FIPAs that have been concluded and signed, but have not yet entered into force.

Canada-Moldova (June 2018)

Canada-Nigeria (May 2014)

The following is a list of FIPA negotiations concluded, and are not in force. First is the country, then the date it was concluded.

Canada-Albania (November 2013)

Canada-Bahrain (February 2010)

Canada-Madagascar (August 2008)

Canada-Zambia (March 2013)

Canada-United Arab Emirates (May 2018)

The following is a list of FIPA negotiations that have not yet concluded.

Canada-Gabon

Canada-Georgia

Canada-Ghana

Canada-India

Canada-Kazakhstan

Canada-Kenya

Canada-Republic of Macedonia

Canada-Mauritania

Canada-Mozambique

Canada-Pakistan

Canada-Qatar

Canada-Rwanda

Canada-Tunisia

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Canada is regularly described as a trading nation as its total trade is worth more than two-thirds of its GDP (the second highest level in the G7 after Germany). Of that total trade, roughly 75% is done with countries which are part of free-trade agreements with Canada, primarily the United States through the North American Free Trade Agreement (NAFTA).

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This is a picture of all three countries, USA, Mexico, and Canada, when the new North American Free Trade Agreement was signed (CUSMA). On the left is Enrique Pena Nieto, in the middle is Donald Trump and on the right is Canadian Prime minister Justin Trudeau.

I chose this picture because it is one of the most recent Free trade Agreements that Canada has signed. What's interesting about this picture is that they all go together and sign it all at the same time.

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Something that I was most surprised about was that protectionism sometimes needs to happen. Free trade is not always the way to go. I didn't realize if there was not regulation that the whole free trade market just wouldn't work.

This topic is relevant to me because all of the things that Ii buy are either coming from a different country, which would be a free trade agreement usually or if it's made in Canada it might have some sort of protection on it. Basically, this affects me because it will affect the price of goods I'm going to be paying for.

The one thing that I would tell other people that I took away from this is that our economy is fueled by free trade agreements. Also it's responsible for millions and millions of jobs being created around the world of exports and even processing the imports.