The world is changing fast and to stay on top of the heap and be competitive countries need to be innovative. Canada’s biggest trading partner is and probably always will be the United States. But you know what they say – don’t put all your eggs in one basket.
It’s refreshing to see that Canada is eagerly moving ahead with a comprehensive economic and trade agreement with the European Union.
Canada is currently the EU’s 11th most important trading partner and accounts for about 1.8% of the EU’s total external trade. While on the flip side, with a 10.5% share of its total external trade, the EU is Canada’s second most important trading partner.
The agreement being negotiated is a truly ambitious and unprecedented one. First, it’s a lot more comprehensive than the one we have with the U.S. And second, economically speaking, it would, in effect, turn Canada into a member of the European Union.
That’s pretty cool when you consider all the great things that Europe has to offer. Plus, a joint Canada-EU study promises $12 billion a year in economic benefits to Canada by 2014.
Of course, there are detractors and in Canada, one of the biggest, seems to be the Auto Workers Union (CAW). Recently, their chief economist proclaimed that the Canada-EU Free Trade Agreement will cost Canada thousands of jobs.
Where do you stand?