Canada has been a trailblazer in international trade agreements, with numerous Free Trade Agreements (FTA) already signed with various countries. The goal of these agreements is to foster trade relations and increase economic growth through the removal or reduction of tariffs and other trade barriers.
One notable FTA agreement is the Canada-European Union Comprehensive Economic and Trade Agreement (CETA), which came into effect in September 2017. This agreement eliminates tariffs on 98% of Canadian products exported to the EU and vice versa, thereby promoting economic growth and increasing competitiveness for Canadian businesses.
Another major FTA agreement that Canada is a part of is the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). This agreement was signed in March 2018 and includes 11 countries, such as Japan, Australia, and Singapore. It lowers tariffs on goods and services between member countries, increases labour and environmental protections, and opens up investment opportunities.
Canada has also signed an FTA with South Korea, which came into effect in January 2015. This agreement eliminates tariffs on a range of products, including industrial and agricultural goods, while providing additional access to the Korean market for Canadian businesses.
In addition to these agreements, Canada has signed FTAs with countries such as Chile, Colombia, and Peru. These agreements have helped to increase trade between Canada and these countries, while also providing Canadian businesses with increased access to new markets.
FTAs play an important role in promoting economic growth and international trade. Canada`s participation in numerous FTAs has helped to increase its global competitiveness while providing Canadian businesses with access to new markets. As Canada continues to negotiate and sign FTAs, it is poised to become an even more important player in the global economy.