The World Trade Organization (WTO) has recently released its Trade Policy Review report, commending Canada for its open and inclusive approach to trade and investment. This positive evaluation highlights Canada’s significant strides in maintaining a transparent and effective trade policy since the last review in 2019.
Canada’s Trade Achievements
Since the previous report, Canada has successfully implemented two additional free trade agreements: the Canada-United States-Mexico Agreement and the Canada-United Kingdom Trade Continuity Agreement.
Additionally, Canada has modernized the Canada-Ukraine Free Trade Agreement, further cementing its commitment to fostering robust international trade relationships.
These efforts have expanded Canada’s network of 15 FTAs, covering 51 countries and 1.5 billion consumers worldwide. The WTO report recognizes these achievements and Canada’s goal to increase overseas exports by 50% by 2025 through initiatives like the Indo-Pacific Strategy.
WTO Report Highlights
The WTO report outlines several key areas where Canada has demonstrated leadership and commitment to a rules-based multilateral trading system. These include:
- Economic Environment: Analysis of Canada’s GDP growth, inflation, employment, and the impact of the COVID-19 pandemic.
- Trade and Investment Regimes: Detailed examination of Canada’s policies on goods, services, intellectual property, tariffs, and non-tariff measures.
- Trade Agreements: Review of Canada’s participation in the WTO, regional trade agreements like Canada-United States-Mexico Agreement, and preferential arrangements.
- Sectoral Policies: Insights into policies affecting agriculture, manufacturing, energy, and services such as finance and telecoms.
- Trade-Related Policies: Evaluation of policies related to state-owned enterprises, competition, labor, environment, and transparency.
Key Trade Agreements:
Agreement |
Year Enacted |
Partner Countries |
|---|---|---|
| Canada-United States-Mexico Agreement | 2020 | USA, Mexico |
| Canada-United Kingdom Agreement | 2021 | United Kingdom |
| Modernized Canada-Ukraine Agreement | 2023 | Ukraine |
Canada’s Commitment to Inclusive Trade
The report also highlights Canada’s leadership in advancing WTO reform and its support for initiatives that promote environmental sustainability, women’s economic empowerment, and the participation of micro-, small-, and medium-sized enterprises in global trade.
Minister of Export Promotion, International Trade and Economic Development, Mary Ng, emphasized the importance of these initiatives:
“The 12th WTO Secretariat’s Trade Policy Review shows Canada’s leadership in trade diversification and export efforts are on the right track. Canada will continue to work closely with our WTO partners on initiatives to promote stable, predictable, and rules-based trade for the benefit of our workers, businesses, and communities from coast to coast to coast.”
Moving Forward
Canada remains committed to working with all WTO members towards a more open, transparent, rules-based, and inclusive multilateral trading system. This commitment is essential for maintaining high living standards and creating job opportunities for the middle class.
Closing the Loop
The WTO’s Trade Policy Review report reaffirms Canada’s position as a leader in promoting an open and inclusive trade environment.
By continuing to strengthen its international trade relationships and uphold global trade rules, Canada sets a positive example for other nations.
This approach not only supports the domestic economy but also contributes to global economic stability and growth.
Sources: THX News & Global Affairs Canada.
