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GET TO KNOW CANADA 21
North American Free Trade Agreement
It should not be surprising that Canada and the United States share one of the most potent economic relationships in the world. In 2009, commercial exchange in goods and services totalled nearly $600 billion. Amazingly, every day sees something like $1.6 billion in exchanges made between the two nations. Because of all they share and their close proximity, the two inancial systems remain tightly integrated. Each country remains the other’s greatest export marketplace.
Starting in 1988, the Canada-U.S. Free Trade Agreement (FTA) bolstered the mutual prosperity of both nations. Following that in 1994, the North American Free Trade Agreement (NAFTA) — supported by Canada, the United States and Mexico
— forged a powerful, trilateral trading partnership in North America. As of 2013, NAFTA commands the largest bloc of combined GDP prosperity in the world.
Economic Freedom in Canada
Economic freedom is an important indicator of a country’s status as a civilized nation. Canada proudly holds the freest economy of North America and ranks sixth in the world-at-large.
Canada’s economic freedoms are built on a irm base. Accordingly, this nation has come out of the recent worldwide economic troubles essentially unharmed. Canada’s eicient and sovereign system of courts protects property rights and the commercial code’s impartial utilization.
Continuing to hone its long-range readiness to compete, Canada produces
well amongst the other mainstays of economic freedom. Public inance has remained secure, though federal outlays have been increasing as a percentage of GDP. Combined with the free trade policies which bolster active investments and proit, the smoothly operating regulatory environment aids commercial productivity and generates greater predictability in the marketplace. he continuing cutback of the regular corporate tax rate in recent years persists in reinforcing Canada’s success.
Research consistently demonstrates how economic freedom and success go hand- in-hand. hose who inhabit nations with greater iscal freedoms boast much higher individual earnings than the citizens of countries with greater monetary restrictions. In addition, economic freedom beneits social and political circumstances, environmental protection and even the day-to-day quality of life. Arguably of more importance during this fiscally strained period, monetary data continues to tell us that societies with greater economic freedom tend to fare better at reducing the rate of poverty than do the economies based on greater constraints and barriers.
Oil boom in Fort McMurray, Alberta.