Free Trade Agreements Between Canada and Other Countries

The most appropriate department is the Department of Foreign Affairs and International Trade (DFAIT); in this case, one would be dealing specifically with the Minister. While the government may have the mandate to increase or decrease the number of free trade agreements, it is highly unlikely that there is an explicit mandate not to take action on any free trade agreements. The real issue here is whether or not Canada will continue its previous continued involvement with international institutions. It is a major issue since Canada has been working to increase the number of FTAs with various other countries as a means of global outreach. The Minister’s department is responsible for negotiating and concluding free trade agreements and facilitating investment between Canada and other countries. The connection between Canada and other countries has been ignored over the years, free trade agreements are necessary and should be pursued for various reasons, and the best time to act is now.

Over the years, the relationship between Canada’s support for world institutions (as a member of ACTA, the WTO, and NAFTA) has been muddled. While Canada has added to the world body’s membership, most countries have not. Removing Canada from these three institutions would weaken its economic role and effectiveness. The current goals of the institutions are to assist economies in meeting common issues and problems facing all members, which include environmental and social issues. However, by removing a country from ACTA or the WTO, economic value is lost, while at the same time, if Canada were to leave NAFTA, too much power would be shifted to Mexico’s multinational corporations that pay lower taxes than those in Canada.

Free trade agreements are necessary for economic growth and should be pursued at any cost. Canada should continue with its past policies of pursuing FTAs with other countries as a means of global outreach. Free trade agreements must also support economic and social goals as they are inextricably linked. Canada should continue in its role as a leader in this regard. For instance, Environment Canada should be the leader in sustainable development issues closely associated with economic growth and prosperity. Such leadership will make other countries more conducive to trade with Canada. It is mainly important because NAFTA is currently the most important FTA for Canada. Hence, Free trade agreements must be negotiated and ratified with other countries to ensure efficient trade.

Additionally, a free trade agreement with Japan would provide many benefits for Canada, especially in its key prices on exports such as beef and wheat. This is because Japan is an important trading partner for Canada; moreover, a free trade agreement between Japan and Canada would benefit Canadian exporters in terms of a potential new sale market. With little competition in import tariffs (including Japanese tariffs), Japanese consumers will have access to lower-priced Canadian goods. The result will be that Canadian firms will enjoy increased sales (and higher profits).

A free trade agreement with Japan would provide many benefits for Canada, especially in its key prices on exports such as beef and wheat. This is because Japan is an important trading partner for Canada; moreover, a free trade agreement between Japan and Canada would benefit Canadian exporters in terms of a potential new sale market. With little competition in import tariffs (including Japanese tariffs), Japanese consumers will have access to lower-priced Canadian goods. The result will be that Canadian firms will enjoy increased sales (and higher profits). Hence, the benefits of free trade agreements are clear and present in other parts of the world.

The agreement would lead to Jobs and economic development created in the Canadian agricultural and services industries across Canada. It would also provide more opportunities for Canadian professionals in Japan. For instance, more doctors will be needed to treat the growing number of Canadian tourists that visit Japan. Since more students from Canada study abroad in Japan, more teachers will be needed. And since more Canadians retire in Japan, more doctors will be needed to care for future Canadian retirees. The result is a win-win situation for Canada and Japan through increased trade and investment. Canada should move forward on this matter so that trading with Canada can become easier for Japanese companies.

While there are opportunities for increased Canadian exports to Japan, there are also potential threats to Canadian exporters due to competition from imports into Canada from Japan. The agreement would lead to the loss of Canadian jobs. For instance, more Japanese firms will set up manufacturing operations in Canada. This will lead to a net decrease in the number of Canadian jobs. For instance, Japanese companies will begin to shut down their operations in Japan, thereby increasing their manufacturing operations in Canada. This is only natural since the two countries have different comparative advantages. Hence, the loss of Canadian jobs is an inherent part of trade and market liberalization. Canada cannot maintain its current protectionist policies without removing the benefits gained through membership with world institutions.

The best time to act is immediate, for example, a free trade agreement with Japan is crucial for Canada as a nation. Considering the United States, Japan is one of the largest trading partners, and investments in Canada would significantly benefit it. If a free trade agreement between Canada and Japan were to be signed, several potential benefits could be realized. These include corporate investment in Japan, and Canadian exports to Japan would increase dramatically. When these happen, Canada and Japan will be economically stronger with the resulting benefits in jobs, income, and a healthier Canada/Japan relationship. Consequently, Canada and Japan can not only continue to trade freely with each other but also expand trade with the rest of the world.

In conclusion, there are numerous benefits to a free trade agreement between Canada and Japan. For instance, a free trade agreement with Japan would provide many benefits for Canada, especially in its key prices on exports such as beef and wheat. This is because Japan is an important trading partner for Canada; moreover, a free trade agreement between Japan and Canada would benefit Canadian exporters in terms of a potential new sale market. With little competition in import tariffs, Japanese consumers will have access to lower-priced Canadian goods. The result will be that Canadian firms will enjoy increased sales. However, the agreement would also lead to the loss of Canadian jobs. For instance, more Japanese firms will set up manufacturing operations in Canada. This will lead to a net decrease in the number of Canadian jobs. This is only natural since the two countries have different comparative advantages. The loss of Canadian jobs is inherent in trade and market liberalization. Hence the benefits of free trade agreements are clear and present in other parts of the world.

Cite this paper

Select style

Reference

StudyCorgi. (2023, December 28). Free Trade Agreements Between Canada and Other Countries. https://studycorgi.com/free-trade-agreements-between-canada-and-other-countries/

Work Cited

"Free Trade Agreements Between Canada and Other Countries." StudyCorgi, 28 Dec. 2023, studycorgi.com/free-trade-agreements-between-canada-and-other-countries/.

* Hyperlink the URL after pasting it to your document

References

StudyCorgi. (2023) 'Free Trade Agreements Between Canada and Other Countries'. 28 December.

1. StudyCorgi. "Free Trade Agreements Between Canada and Other Countries." December 28, 2023. https://studycorgi.com/free-trade-agreements-between-canada-and-other-countries/.


Bibliography


StudyCorgi. "Free Trade Agreements Between Canada and Other Countries." December 28, 2023. https://studycorgi.com/free-trade-agreements-between-canada-and-other-countries/.

References

StudyCorgi. 2023. "Free Trade Agreements Between Canada and Other Countries." December 28, 2023. https://studycorgi.com/free-trade-agreements-between-canada-and-other-countries/.

This paper, “Free Trade Agreements Between Canada and Other Countries”, was written and voluntary submitted to our free essay database by a straight-A student. Please ensure you properly reference the paper if you're using it to write your assignment.

Before publication, the StudyCorgi editorial team proofread and checked the paper to make sure it meets the highest standards in terms of grammar, punctuation, style, fact accuracy, copyright issues, and inclusive language. Last updated: .

If you are the author of this paper and no longer wish to have it published on StudyCorgi, request the removal. Please use the “Donate your paper” form to submit an essay.