Terms in this set (9)
Canada's most important trading partner
Export of Canada
natural resource-based products make up over half of Canada's goods exports: agriculture, energy, forestry, and industrial goods and materials
Import of Canada
concentrated in finished goods: machinery and equipment, automotive products, and consumer goods
Exports 30 % of GDP
Imports 32 % of GDP
General Agreement on Tariffs and Trade (GATT)
Goal of GATT was to reduce barriers to international trade.
- Apply any tariffs equally to all countries.
- Reductions in tariffs were to be the result of multilateral negotiations.
- Quotas were to be replaced by tariffs.
World Trade Organization (WTO)
- resolves international trade disputes.
- replaced GATT in 1995.
- has over 140 member nations
The European Union (EU)
- largest regional trading bloc in the world.
- allows for free movement of labour and capital between member nations.
North American Free Trade Agreement (NAFTA)
- Eliminate trade barriers over 15 years.
- Promote fair competition.
- Increase investment opportunities.
- Protect intellectual property rights.
- Resolve trade disputes.
AND NOW: CUSMA
Why do economies trade?
Voluntary trade occurs because the participants feel that they are better off because of the trade.