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Canada’s free trade agreements

Canada’s free trade agreements

Posted on: 9/5/2019 | Author: ATB Economics

​​As of 2018, total two-way trade with Canada’s free trade partners came to more than $1 trillion. Of this, imports accounted for 48.8 per cent ($507.8 billion). Exports made up the other 51.2 per cent ($533.7 billion).

While free trade is being undermined by trade disputes and tariffs, a multitude of bilateral and multilateral free trade agreements that facilitate the efficient movement of goods remain in place around the world, including 14 between Canada and 51 other countries.

Most important among the 14 agreements is NAFTA—the North American Free Trade Agreement between Canada, the United States and Mexico that has been in force since 1994. Trade between Canada and our two NAFTA partners accounted for 66.8 per cent ($787.9 billion) of Canada’s total merchandise trade with the world last year. NAFTA is set to be replaced by the new United States-Mexico-Canada Agreement, but it still needs to be ratified by both the U.S. and Canada.

The Comprehensive Economic and Trade Agreement (CETA) between Canada and the European Union has been in force since September 2017. Trade with our CETA partners accounted for 10.0 per cent ($118.1 billion) of Canada’s international trade in 2018.

In force since January, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) includes Canada and 10 other countries in the Asia-Pacific region. Trade with these countries accounted for 8.3 per cent ($97.9 billion) of Canada’s international trade in 2018.

NAFTA trade September 2019, graph ​​

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