Is Canada the US's Foremost Trade Partner

Presenting on behalf of the Canadian Government's State of Trade 2020 report makes me immensely happy. This report gives Canadians a synopsis of our 2019 economic performance while taking substantial global uncertainties of 2020 resulting from the COVID-19 outbreak into account. Over the past three months, governments all over have worked together to solve the global epidemic, striving to protect the health and safety of their people and so reduce the economic impact of the virus. We have seen Canadians, workers, and company owners pull together over this horrible era to help one another. Our companies have been quite creative and flexible in coming up with new solutions for problems. This paper investigates how Canadian creativity and resilience have helped our businesses to compete in the global economy as well as the desire of our government to assist commerce in tough conditions. As COVID-19 swept over many countries, many stopped trade to protect their people. But COVID-19 shouldn't and cannot be used as excuse for withdrawing out or halting trade. Trade provided 3.3 million Canadian jobs and accounted for more than two-thirds of the national economy before COVID-19, therefore supporting Canadian prosperity.

We are a strong stable dependable trading nation we are among the top countries

In the world to invest in and start businesses. In 2020 the COVID-19 epidemic dominated economic activity. The subsequent decline reflects the end of the economic boom begun in mid-2009 following the global financial crisis of 2007–2008. With rising world tensions, trade policy uncertainty between the United States and China, and Brexit even before the epidemic struck countries all around, 2019 seemed to be a difficult year for the world economy. Different economic data compounded these issues. Although world trade and investment performance in 2019 was either flat or slightly declining, the growth projection for the global economy for 2019 was cut, reaching its lowest level (2.9%) since the recession following the 2007–2008 global financial crisis. Notwithstanding global economic concerns, Canada's 2019 performance stood out as improving. Rising 2.2% from 2018, Canada's exports of goods and services in 2019 came to $729 billion. Goods exports increased by 1.7%; service exports jumped by 4.4%. Their nearly 45% of total exports from Canada's top three products—energy items, autos and components, and consumer goods—exceeded the 1.7% increase rate. Two notable deals driving the trend have greatly increased foreign direct investment in Canada and Canadian direct investment overseas.Out of the three major economic partners Canada has—the United States, the European Union, and China—it claims strong trade relations to each.

Exports of goods to both the United States and the European Union have been

Greatly increased by free trade agreements between them. Especially, the second year of provisional application for the Comprehensive Economic and Trade Agreement supports EU-bound Canadian exports. Although there are hints that Canadian exporters and importers are not fully using the agreement, implying further effort should be required to support cooperation.Conversely, in 2019 Canadian exports to China, the third largest trading partner, took very different route. Instead of growing, Canadian goods exports to China jumped astonishingly by an amazing 16%. Affected Canada's principal export good, COVID-19 and a sharp decline in oil prices caused decreased 21% in March 2020 over the same month in 2019. Correspondingly the sectors most impacted by the crisis were automotive (23% and 18%), machinery (11% and 10%), and electronics (26% and 13%). By contrast, Canadian agricultural exports increased in March 2020 above previous year. Agriculture exports rose 13% with more vegetable (49%) and oil seed shipments (60%).As COVID-19 traveled to other countries and regions, major economic consequences began to slowly show themselves. Although the direct link between COVID-19 and trade results with a single trading partner at any one period during the first three months of 2020 is yet unknown, a general trend shows: With most of Canada's top 10 trading partners, COVID-19 has wrelled havoc with trade. In March 2020 Canadian exports declined 3.2% (Japan) to 35% (the United Kingdom); imports dropped 5.1% (Japan) to 24% (China). With declines of roughly 6% in both exports and imports,

Trade with the United States was largely unaffected trade with some specific states suffered

Substantially because of closely integrated supply chains in key industries. One could obviously observe the impact of the outbreak. Sometimes referred to as the new NAFTA, increasing and diversifying market opportunities are free trade agreements including the Canada-European Union Comprehensive Economic and Trade Agreement (CETA), the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), and the Canada-United States-Mexico Agreement (CUSMA). For Canadians as well as for our businesses with access to 1.5 billion consumers worldwide, this offers more opportunities and jobs. Conversations with Mercosur, the Pacific Alliance, and maybe the Association of Southeast Asian Nations may help Canada's commercial ties to be strengthened.As we work toward economic recovery, we will continue to be in front of our international partners in terms of open supply chains, trade connections development and diversification, and support of rules-based commerce in the twenty-first century. Multilateral organizations like the World Trade Organization have to be strengthened if we are to advance rules-based commerce and provide American businesses the stability they need to grow abroad.Complete and long-term trade cooperation is what will help the world economy recover. This means ensuring that trade would benefit historically underrepresented groups such small business owners, women entrepreneurs, and companies headed by Indigenous people. Different points of view and skill sets inspire innovation, which strengthens businesses equipped to survive economic crises. This is the reason our government will maintain creating opportunities for companies and people all across coast.