Globalization In Canad A Case Study

Throughout Canada’s history, exposure to export markets with the U.S.A. has revealed our economic reliability and vulnerability to the American economy. Whenever the U.S.A. economy does poorly, so does the Canadian economy. This is because Canada only has two major export destinations under the free trade agreements signed with USA and Mexico in the 19th century. America is certainly a treasured ally economically however Canada has become too dependent upon the U.S.A. Their future will be based on their ability to expand into a new global economy of the 21st century; by keeping a vision for Canada that ensures that trading opportunities in the world are endless (Passaris, 2013).

Globalization is described as the global combination of economies through trade and investment flows as well as the production of goods and services in order to enhance international competitiveness. Globalization has been driven by the development of financial liberalization and the improvements of financial instruments (Passaris, …show more content…
The new trade agreement will permit Canada and their entrepreneurs and businesses to spread into Europe, the second-largest trader in the world and take advantage of a new global market (Government Canada, 2015). This will allow Canadian economy to be independent and less likely to be affected by downturns in the American economy.
CETA involves financial Liberalization, which is the elimination of tariffs for Canadian goods entering the European market and promises Canadian suppliers “secure preferential market access” (Government Canada, 2015). These new agreements and technologies have rapidly changed the way information is transmitted and how communication is received, which has created a new 21st century global economy of tremendous scope and opportunity never seen ever before in