WTO repot praising Canada’s economic performance
June 13, 2019
Global Korean Post
The WTO plays a key role in strengthening economic ties in the global community and provides transparency and predictability so that businesses can thrive and create jobs for the middle class.
All 164 WTO members periodically undergo an assessment of their trade policies.
The 2019 review is taking place on June 12 and 14 at the WTO in Geneva, Switzerland. The WTO Secretariat report is produced as part of this review. Canada also prepares a government report outlining key aspects of Canada’s trade policy regime.
The WTO report praises Canada’s stable economic performance and highlights its trade-diversification efforts and strong growth during 2018.
Since the results of the last such WTO report, in 2015, Canada has brought four free trade agreements (FTAs) into force: the Canada-European Union Comprehensive Economic and Trade Agreement, Comprehensive and Progressive Agreement for Trans-Pacific Partnership, Canada-Ukraine Free Trade Agreement and modernized Canada-Chile Free Trade agreement. A modernized Canada-Israel Free Trade Agreement is expected to enter into force this year.[VJ-1]
Canada now has 14 FTAs covering 51 countries, providing preferential access for 84.6% of its total trade. These are supported by the government’s strategy to increase overseas exports by 50% by 2025 by helping Canadian businesses of all sizes to better tap into markets abroad.
The WTO report also praises Canada’s commitment to inclusive trade, including its introduction of trade and gender chapters in its modernized agreements with Chile and Israel.
Canada was one of the founding members of the WTO in 1995, and before that, Canada was a member of the General Agreement on Tariffs and Trade. Today, the WTO has 164 members around the world.