Imports
What is an import?
Something we buy from another country and bring into Canada
What is an export?
Something we manufacture here in Canada and send to another country
What does NAFTA stand for?
North American Free Trade Agreement
What does USMCA stand for?
United States Mexico Canada Agreement
Who is Canada's most important trade partner?
USA
Name 2 of Canada's top imports.
(1) vehicles (2) machinery/computers
(3) mineral fuels and oil (4) plastics
(5) medical equipment.
Name 2 of Canada's top exports.
(1) fuel and oil (2) vehicles (3) machinery and computers (4) gems and precious metals (5) wood.
What trade agreement replaced NAFTA in 2020?
USMCA
What year did USMCA replace NAFTA?
2020
What is a free trade agreement? How is it different from a normal trade agreement?
A free trade agreement promotes trade between two countries by reducing trade barriers like tariffs and duties.
A normal trade would require countries to pay tariffs, which are extra taxes on products.
What country do most of our imports come from?
USA
What country do most of our exports go to?
USA
Why did we replace NAFTA with a new free trade agreement?
-Took away jobs from Canadians
-Made us too dependant on the USA to support our economy.
What makes the USMCA different from NAFTA?
-Ensures safe working conditions (specifically in Mexico)
-protects more (but not all) Canadian jobs
-more environmental protections
True or False:
Most of Canada's trade agreement are free trade agreements.
False. Canada has over 90 trade agreements, however only 15 of them are free trade agreements.