https://padlet.com/crmiller2001/ja245yjh98g1o039 By: Colin Miller en-us 2021-12-04 16:48:27 UTC 2024-05-16 05:19:44 UTC hello@padlet.com crmiller2001 https://padlet.com/crmiller2001/ja245yjh98g1o039/wish/1928907413 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!]]> 2021-12-04 16:56:04 UTC https://padlet.com/crmiller2001/ja245yjh98g1o039/wish/1928907413 crmiller2001 https://padlet.com/crmiller2001/ja245yjh98g1o039/wish/1929990096 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.]]> 2021-12-05 23:20:01 UTC https://padlet.com/crmiller2001/ja245yjh98g1o039/wish/1929990096 crmiller2001 https://padlet.com/crmiller2001/ja245yjh98g1o039/wish/1930001199 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. ]]> 2021-12-05 23:38:31 UTC https://padlet.com/crmiller2001/ja245yjh98g1o039/wish/1930001199 crmiller2001 https://padlet.com/crmiller2001/ja245yjh98g1o039/wish/1930021153 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.]]> 2021-12-06 00:03:57 UTC https://padlet.com/crmiller2001/ja245yjh98g1o039/wish/1930021153 crmiller2001 https://padlet.com/crmiller2001/ja245yjh98g1o039/wish/1930046999 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.]]> 2021-12-06 00:31:31 UTC https://padlet.com/crmiller2001/ja245yjh98g1o039/wish/1930046999 crmiller2001 https://padlet.com/crmiller2001/ja245yjh98g1o039/wish/1930060869 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.]]> 2021-12-06 00:43:46 UTC https://padlet.com/crmiller2001/ja245yjh98g1o039/wish/1930060869 crmiller2001 https://padlet.com/crmiller2001/ja245yjh98g1o039/wish/1930073875 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.]]> 2021-12-06 00:55:13 UTC https://padlet.com/crmiller2001/ja245yjh98g1o039/wish/1930073875 crmiller2001 https://padlet.com/crmiller2001/ja245yjh98g1o039/wish/1930087097 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.]]> 2021-12-06 01:05:57 UTC https://padlet.com/crmiller2001/ja245yjh98g1o039/wish/1930087097 crmiller2001 https://padlet.com/crmiller2001/ja245yjh98g1o039/wish/1930109541 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.]]> 2021-12-06 01:23:12 UTC https://padlet.com/crmiller2001/ja245yjh98g1o039/wish/1930109541 crmiller2001 https://padlet.com/crmiller2001/ja245yjh98g1o039/wish/1930119795 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.

]]> 2021-12-06 01:31:10 UTC https://padlet.com/crmiller2001/ja245yjh98g1o039/wish/1930119795 crmiller2001 https://padlet.com/crmiller2001/ja245yjh98g1o039/wish/1930127583 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]]> 2021-12-06 01:37:15 UTC https://padlet.com/crmiller2001/ja245yjh98g1o039/wish/1930127583 crmiller2001 https://padlet.com/crmiller2001/ja245yjh98g1o039/wish/1930141120 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.]]> 2021-12-06 01:47:27 UTC https://padlet.com/crmiller2001/ja245yjh98g1o039/wish/1930141120