Canada’s History of Trade... Flashcards
Chapter One
Canada’s History of Trade:
Comprehensive Economic and Trade Agreement (CETA)
Strengthened trade relationships between Canada and the European Nations. (2017)
Canada’s History of Trade:
North American Free Trade Agreement (NAFTA)
Expanded free trade to include Mexico, creating one of the world’s largest trading blocs. (1994)
Canada’s History of Trade:
United States Canada Mexico Agreement (USCMA)
A modernization of NAFTA, ensuring free trade continued between the three North American nations. (2020)
Canada’s History of Trade:
Canada-Korea Free Trade Agreement (CKFTA)
A trade deal between Canada and South Korea, which came into effect on January 1, 2015. It is Canada’s first free trade agreement with an Asian country and aims to eliminate tariffs, improve market access, and promote investment between the two nations.
Canada’s History of Trade:
Organization for the Petroleum Exporting Countries (OPEC)
Founded by Iraq, Iran, Kuwait, Saudi Arabia, and Venezuela, OPEC is an oil cartel that attempts to control the supply of oil, fix oil prices, and use other restrictive supply tactics. OPEC has lost control of global oil prices due to competition from non-OPEC countries, including Canada.
Canada’s History of Trade:
Benefits of Trading With India
India has one of the world’s fastest growing economies and has become a major centre for outsourcing services and manufacturing.
Canada’s History of Trade:
Most Important Trading Economy for Canada in South America
Brazil is the most important for Canada. It is the top export market in the continent for us.
Canada’s History of Trade:
Gross Domestic Product (GDP)
total goods and services produced in 1 country in 1 year.
Canada’s History of Trade:
Challenges With Trade in the Middle East
Political instability, conservative leadership, lack of industrialization in much of the region, the desert climate (not ideal for growing crops), and the volatility of the oil market are some reasons trade has been limited.
Canada’s History of Trade:
Natural Resource Curse
The natural resource curse refers to the paradox where countries rich in natural resources, such as oil, minerals, or gas, often experience slower economic growth, political instability, and less development compared to countries with fewer natural resources.
