Talks on the North American Free Trade Agreement have started on 16th August between the US, Canada, and Mexico. The outcome of the discussions means a lot for markets like Canada who depend on the US for thriving. But that view is mostly propagated by the US and the scene of Canada trading is a bit different, points out experts.
The round 1 of the talks saw the US pressing for major changes in the NAFTA and presented some demands which were expected by the trading industry. The US seems to be in a hurry to get over with the agreement before the elections in Mexico forgetting that the other two participants have quite a leverage to sway decisions in their favor.
In view of America, it is a self-reliant large scale market which does not need to conduct free trade with neighboring countries to survive. So it may seem that Canada is relying on America for a favorable outcome of the NAFTA talks. But the situation is a bit different in reality.
Canada is the largest importer for 2/3 of American states being the country’s one of the largest export market. Besides trading, which is one of the main economic branches, there is one more high-popular field in Canada. The gambling industry, presented by a wide range of gaming sources can boast of its trusted websites like ValleyGames guide or others, where you can find a list of best Canadian online casino.
Chrystia Freeland, Canada’s Foreign Affairs Minister argued on the first session of the NAFTA talks that Canada purchased $8.1 billion more than it exported to the USA in 2016. A lot of business interests are linked between the countries and many influential politicians and entrepreneurs can get irked if the USA decides to abolish free trade.
Canada on its part is making sure that it is prepared and fully capable of presenting themselves powerfully in the talks. Ted Alden, a senior fellow at U.S. Council on Foreign Relations said that Canada has developed a comprehensive strategy forming alliances with federal and provincial politicians who are dependent on free trade for their state. The country also has been able to connect with their American counterparts who thrive on the NAFTA. All of them are influential people and can influence the US government’s decisions on the Agreement.
Canada can be benefitted from this backlash from politicians and legislators which will discourage Trump from acting negatively. It will also give confidence to Canada to stand on its arguments and maybe decline from finalizing a bad deal. According to the Alden the negotiation will not be as one-sided as US government expects it to be.
Mexico is also a strong contender as it counts for US’s major agricultural exports. Many legislators and members of the Congress will be displeased if the charges on trading are increased or impacted negatively. Both Canada and Mexico have the potential to put in considerable weight in the discussions and influence towards the development of a fair NAFTA serving the interests of all stakeholders.
The import export stats from countries all over the world show that every economy tries its level best to increase exports and reduce imports in every possible manner. Policies are formulated and measures are taken to make sure that long-term plans are implemented. In simple language, import is a service or good purchased by a country from another. Export, on the other hand, is the good or service delivered or sold to another country. Below are some of the top imports and exports as per worldwide trend. This shows how much every country is concentrating on economic growth.
Top Imports worldwide
Below is a list of top imports by countries from all over the world:
Aircraft & Spacecraft
Every country wants to lay their hands on space. It has been estimated that in 2016 the total imports in this regard have surpassed $5 trillion. This shows how each country is after the space capture. Top imports of the technology are Germany and India. Getting into space race is definitely costly and the cost of imports is therefore high. Third world countries are also participating and therefore increasing their space spending.
Cars and automobiles
No country is the exception to this. Cars and automobiles are imported by nearly every country in the world. However, the countries with indigenous production facilities and brand association try their level best to refrain. However, this is of no use at all as China has dominated the market. The business-friendly policies of the Chinese government have allowed nearly every brand to establish the facilities in the country. Cars are driven in every country and progressive countries make sure that the stuff is imported to meet the local demand which is otherwise not possible. Canada does import cars and vehicles in large amounts too.
Top exports Worldwide
Below are the top exports of countries from all over the world:
If we take Canada as the example then it becomes clear that in the year 2016 alone the country has exported over $7.4 billion worth of medicines to the world. Even American companies are now collaborating with Canadians to make sure that the worldwide pharmaceutical sector is captured with ease. It is also regarded as fastest growing export of the country. There are many other examples which clearly indicate the professional use of chemicals can bring in the large stash of cash. The governments of the world should also support such countries to change the scenario.
Are there any countries that don’t wear clothes? Certainly, none remain naked and this is the main reason behind increasing cotton exports. China is the biggest cotton exporter and in 2016 the exports have exceeded $15 billion worldwide followed by India, the United States and Pakistan. However maintaining the figures is a daunting task especially for third world countries like India. It is because in such countries there is no proper government planning for cotton farmers. Online casinos are a great way to import money to any country as these spots are limitless. As to Canada there are big opportunities for online casinos too.