The Start of a Flourishing Relationship
The United States and Canada must have been friends for a long time that could be tracked even before the so-called North American Free Trade Agreement (NAFTA). Their relationship flourished when they stood side by side in the war against British invasion of Canada. The United States Government offered help during the War of 1812 and the Rebellions of 1837-1838. Canada back then, had always shown appreciation for every bit of aid that US offered them. Leaders as well as ordinary citizens find ways to escape the evils of war by going to the United States. The flow of commodities and goods between US and Canada are known to be the most significant ones in world trade. They have valued each good that goes in and out of their borders. They have submitted their items willingly to inspection before entering the ports of each zone. No wonder, their friendship strengthened and was extraordinarily beyond compare. They have in fact helped each other in the course of international trade. The success of one is considered the success of the other. No wonder, their camaraderie blossomed throughout the years. They have regarded import and exports from both sides as relevant keys to the prospering of their existing and future economies. They have addressed all focal points of the NAFTA which they had considered as their tool to conquering global business. There may be several conflicts but they never gave in to these tests of times. Apparently, these have even paved the way for more dealings with each other in order to prove wrong notions perceived by those who have been jealous with their incomparable affiliation. Due to a lot of hardships and tribulations they successfully sailed on together, the future has brighter things to say. Major Imports and Exports for Both Countries Every country in the world wants to do international business with the US. This makes US trade relations stand firm all throughout. In order to cope up with the investments made by the US to other countries in the world, Canada have considered the US as its largest trading partner, both for imports and exports. Latest records show that for July 2008 alone, US exports totaled to $22.34 billion while imports went to a high of $30.68 billion. The total amount of the foreign trade between the two countries as presented by the Data Dissemination Branch of the US Census Bureau amounted to $158.71 billion and $205.79 billion for exports and imports respectively. This data includes only the seven-month period ending July 31, 2008. In detail, the following products are the main sources of commodity exchange between the two countries for the year 2006:
The North American Free Trade Agreement (NAFTA) Centuries have passed and yet the partnership of US and Canada never failed to amuse other parts of the world. From the wars to global business, they have excelled to greater heights. In order to fortify their alliance, they have made a pact that have been advantageous for them for the past years and will benefit them in the future. In 1988, the US-Canada Free Trade Agreement was formulated which later on led to the North American Free Trade Agreement which also involves a third nation, Mexico. Agricultural provisions found in the US-Canada Free trade Agreement were included in the NAFTA. Trade and investments for this particular aspect have seemingly brought more benefits to farmers from the three nations. All tariffs pertaining to agricultural trade between US and Canada were removed except those which are covered under the tariff rate quotas (TRF’s). This agreement heightened more of the global trade particularly that of US and Canada. As proof to this, it was recorded that US exporters of fresh and processed fruits and vegetables reached a sales record of 11.9 billion in 2006, which made an increase of $7.6 billion from 1990’s $4.2 billion record. Planting seeds, sugars, sweeteners and beverages virtually rose in 2007. Disputes Unlike any other friendship, some conflicts were seen in the trade between these two countries. They may have not affected the exemplary and professional relationship, but to point out some issues, the following concerns were tackled accordingly:
There may be no clarity as to the effects of the convergence of Canada to IFRS in order to cope up with the international business standards of the United States. The only known fact here is the way by which both have embraced all the kinship and get rid of the arguments. This may just boil down to saying that no accounting standard could provide a blockade to ruin a well-founded comradeship. The NAFTA on the other hand will continue to work on the imports and exports for both the United States and Canada. There is no such thing as whose ideas go first or who is left lagging behind. The closeness will bridge all the gaps of unfamiliarity. Not a single issue could break the ties that were instituted for centuries. Both countries see the potential of having more transactions in the future whether it is of international or merely foreign trade between them. They will obviously go on with what they have initiated in the past. As part of the pioneers to a blossoming acquaintance, Canada will see to it that it will move forward with the aid of the United States and vice versa. No laws and rules of each land could create the partition of this highly commendable professional liaison. References
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