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Canada And Us Trade

Essay by 24  •  March 25, 2011  •  496 Words (2 Pages)  •  745 Views

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The Canada-U.S. trade relationship is the largest ever to exist between two nations. Two-way trade in goods and services between Canada and the United States during 2000 was estimated at approximately C$700 billion, or almost C$2.0 billion per day. Of Canada's 2000 imports, 74 percent came from the U.S., while 86 percent of Canada's total exports were shipped to the United States. The volume of Canada-U.S. trade last year was far greater than the total amount of Canada's trade with all of its other trading partners combined.

Canada and the United States have long been very active trading partners. In historical terms, Canada has been the leading foreign export market for U.S. goods since 1946, while the United States has been the number one destination for Canadian exports since 1942.

The implementation in 1965 of the Auto Pact, which established free trade in automobiles between Canada and the United States, served to promote the already strong economic ties between the two countries. The historic signing in 1989 of the U.S.-Canada Free Trade Agreement (FTA), which established tariff-free trade on a multi-sectoral basis, set the stage for an enormous increase in the amount of bilateral commerce between Canada and the United States. In 1994, the fundamental principles of trade liberalization established by the FTA were further expanded, both in terms of scope and coverage, under the North American Free Trade Agreement, which added Mexico to the regime. These trade agreements have helped fuel unparalleled economic growth, with bilateral trade between Canada and the United States nearly tripling during the past twelve years.

In addition to the FTA and NAFTA, various other factors have contributed to the remarkable expansion of bilateral commerce between Canada and the United States. Geographic proximity, congruent time zones, a common language, and cultural and historical ties have played a key role in the huge

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