![]() ![]() Yet global GDP grew 6.1% in 2021 on the heels of a 3.1% contraction in 2020, as economies continued to reopen and production got back on track. The world faced numerous challenges throughout 2021, including multiple waves of COVID-19, pandemic-induced supply chain disruptions and travel restrictions, and uneven vaccine access. The Honourable Mary Ng, Minister of International Trade, Export Promotion, Small Business and Economic Development Executive summaryĬanada is experiencing an economic recovery while still contending with a global pandemic. I am confident that they are up to the challenge. Our job is to help businesses take those next steps: from the Trade Commissioner Service to Export Development Canada, Canada's toolkit helps Canadian businesses start up, scale up, and access new markets.Īs we move into the subsequent recovery phase, Canadian businesses and exporters will need to be as nimble as ever. However, we recognize that opening doors is the first step in succeeding abroad. Canada's 15 FTAs cover 61% of the world's GDP and open markets to 1.5 billion consumers worldwide. Canada actively implements trade policies that maintain access to foreign markets for Canadian commerce while maximizing trade benefits for all Canadians.Ĭanada is the only G7 economy with comprehensive free trade access to the entire G7 and European Union. This year's State of Trade report details the impacts that FTAs have had on our economy-including their effects on exporters, workers, sustainability, and inclusiveness. They have helped to keep markets open to allow access to food and medical supplies amid the unprecedented challenges of the past two years. They also support the rules-based multilateral trading system. FTAs support economic growth, open doors internationally, and facilitate the development of diversified and resilient supply chains. Canada is committed to enhancing this network by negotiating new FTAs with high-potential partners. Budget 2022 pledged historic investments-in people, in the green transition and in innovation and productivity-to create jobs and prosperity and build a more robust economic future to support a stable and complete recovery.Ĭanada's free trade agreements (FTAs) are integral to solid business recovery. The scale of the government's emergency economic support helped to foster this strong recovery and enabled Canadians and businesses to better weather the pandemic. ![]() Despite significant challenges, Canada's two-way trade in goods and services rose 14.1% in 2021 to reach a new record high of $1.5 trillion this is a testament to the adaptability and resilience of Canadian businesses, workers and entrepreneurs. Businesses faced tremendous challenges, ranging from interrupted production and supply chain disruptions to rapid shifts in demand and elevated commodity prices. Last year was incredibly important for Canadians-it was a year of economic recovery amid a global pandemic. This year's report focuses on free trade agreements, which will continue to be vital tools for Canadian businesses as they enter this new phase of the post-pandemic recovery. This report highlights Canada's robust trade and investment recovery, which has displayed remarkable resilience during another challenging year. I'd like to introduce the 2022 State of Trade on behalf of the Government of Canada. 2.5 Free trade agreements, diplomacy and governance.2.4 Beyond the border-assessing FTAs beyond tariffs.2.3 The labour market impact of free trade agreements.2.2 The welfare impact of free trade agreements.2.1 The trade creation effects of free trade agreements.Part 2: The benefits of free trade agreements.1.4 Canadian foreign direct investment performance.1.3 Highlights of Canada's trade performance.
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