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  • The Benefits of International Business and Trade

     

    When it comes to international business and trade, there is an agreement designed to eliminate barriers to trade, investment and mobility of persons, goods and services. It provides general rules that prevent governments from creating new trade barriers and requires the reduction of existing ones in areas covered under the agreement. There are specific obligations in 10 economic sectors such as government purchasing, labour mobility and investment, streamlining and harmonization of regulations and standards; a formal dispute resolution mechanism that is accessible to individuals and businesses as well as governments and commitments to further liberalize trade through continuing negotiations and work programs.

     

    One of the world’s largest trading relationships is between Canada and the United States. We have a common border that stretches over 5,500 miles of land and three oceans. We both have a rich and diverse environment including 20 percent of the world’s fresh water in the Great Lakes. Canada and United States are each others most important trading partners. Our growing economic inter-dependence benefits both countries especially with our global change in recent years.

     

    In 2007 alone, the annual two-way trade in goods and services between Canada and the United States was over $576 billion. Canada remains United States’ largest trading partner with approximately 21% of US exports being sold to Canada. Canada is the leading market for goods in 35 states. The United States is Canada’s largest investor and the most popular for Canadian investment. Canada and the United States investment in secure border management enables better trading between the countries. More trade flows between Windsor, Ontario and Detroit, Michigan than through any other border in the country. Trucks carry approximately 80% of Canada’s trade with the U.S. – one truck crosses the U.S. border every 2 seconds. The trade between these two countries creates millions of jobs in each country a year. Since the Canada-U.S. Free Trade Agreement of 1989, two-way trade has tripled. International Trade has helped large and small companies expand and succeed internationally.

     

    Currently Australia has a free trade agreement with the United States, Thailand and Singapore as well as New Zealand. The Australian government is currently in negotiations with other countries as well in order to provide importers in those countries and give Australia exporters an easier less restricted trade environment. The trade agreement between Australia and the U.S. allows U.S. companies to import Australia’s manufacturing and non-agricultural goods duty free with tariffs on all trade goods to be duty free by 2015.

     

    Promoting International business and trade between countries facilitates good business partnerships and transactions and allows easier entry to the individual countries because of the trade agreements set out. By promoting trade agreements between countries such as Mexico-Australia – we see that Mexico is the world’s 9th largest economy and 8th largest exporter. If this proposed trade agreement goes forward this would allow Mexico to take advantage of opportunities in energy, education, food and beverage, agriculture and mining sectors.

    International business and trade is the cornerstone of our world’s expansion and ultimate bi-lateral boost in each other’s economies.


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