Introducing
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Imports (raw materials, processed material, semi-finished goods, manufactured products & services) flow into Canada. Goods, raw materials & services also leave Canada as Exports.
Trade permits Canada to acquire products it could not produce independently & sell excess goods & services to foreign markets.
The Asia-Pacific Economic Corporation (APEC) is an economic development organization formed in 1989. It includes Canada & other Pacific Rim countries that trade together often.
Canada’s top Trading Partner is the United States because of:
Canada’s Current Free Trade Agreements
Canada Major Trading Partners
In 1993, the European Union (EU) united 12 member states into a single market. Goods, services, labour & capital can move freely. Today the EU has 27 members & a population of more that 370 million people.
EU countries are highly dependent upon each other.
Due to concerns about job loss due to international trade, Great Britain recently voted to leave the EU, although Brexit has not been finalized yet.
Reflection
Why would some business & workers protest Free Trade Agreements?
Trade with China
Each country calculates their Balance of Trade by adding exports & subtracting imports.
Canada mostly trades with companies that have similar cultures because those businesses & consumers share:
Imports allow businesses to sell diverse goods to their customers but there are risks to the seller. The product could fail or costs may be higher than expected.
To reduce the risks:
Direct Exporting is exporting a product directly to an importer without using an intermediary.
Indirect Exporting is exporting a product to an intermediary who then conveys the product to the importer.
Larger established companies usually use direct exporting while newer ones utilize indirect exporting. A car might be directly exported but a commodity would be indirectly exported.
If a country exports more than they import, they have a Trade Surplus. This means that money & jobs flow into the country & products flow out.
List of Resources
Trade Agreements between countries allow goods and service to flow more freely across borders. These agreements lead to Free Trade, the elimination of all Trade Barriers.
Free Trade allows domestic businesses to sell their products more cheaply abroad since duties are not added. Consumers can buy diverse products cheaply since tariffs are not added.
Canada has signed Trade Agreements with most of the most of the country’s large trading partners.
Countries participate in economic groups in order to . The Group of Seven (G7) is an association of the world’s most powerful industrialized democracies. Meeting annually, the G8 deals with economic & political issues such as energy, employment, the environment, human rights & trade.
The Group of 20 (G20) was created after the Asian Financial Crisis in the 1990s to incorporate emerging economics such as Brazil, Russia, India & China.
Canada’s Trade Deficit rose in 2016 (the country exported more than it imported), contributing to job loss & a falling Canadian dollar.
If a country imports more than they export, they have a Trade Deficit. This means money & jobs leave the country as products arrive.
Exporters & Importers reduce risks by planning.
They conduct market research to ensure that there are consumers for their goods & services.