A recent report by the international trade development arm of the Toronto Region Board of Trade said that Toronto companies that are looking to grow their export business should look towards European countries in addition to Asia.
Government officials have confirmed that the official scheduled start time for the Comprehensive Economic and Trade Agreement (CETA) with the European Union has not changed. This comes in the wake of recent developments which suggested the CETA could be delayed.
The recent Trans-Pacific Partnership agreement has set off debates on the intellectual property (IP) chapter. Most critics allege that the agreement could harm Canadian companies. While the U.S. negotiators did not get all of their initial demands approved, critics say the agreement largely reflects the preferences of the U.S.
Trade could also be complicated as Canada does not have a formal trade agreement with Iran. Canadian businesses should look for opportunities to do business in Iran to broaden their horizons.
Japan and Canada, despite having a long history of trade together remain distinct in many ways. However, there is growing anticipation in the business community that the two countries will become closer economically in the future.
Canadian companies are not making the most of CETA, and Canada’s imports are rising faster than exports. If Canadian businesses don’t take full advantage of CETA, hopes for meaningful economic growth may be dashed, a CBC analysis said.
Canada and 5 other nations pull trigger on Pacific trade deal, leaves America out in the cold.Eleven countries are going ahead with the Comprehensive Agreement for Trans-Pacific Partnership (CPTPP), defying efforts by the Trump administration to kill the treaty.
CETA or The Comprehensive Economic and Trade Agreement is a free-trade agreement between Canada, the European Union and its member states. It has been provisionally applied, so the treaty has eliminated 98 percent of the tariffs between Canada and the EU.
Canadian companies have always considered the U.S. as the next logical destination to expand into, but with changing trade regulations and international relationships, Europe should also be viewed as a market that Canadian companies must immediately consider.
U.S. lobster companies are now reaching out to their government for help as they fear losing out business to their Canadian competitors.