Here at JORI International Ltd., our goal is to strengthen your knowledge of Canadian free trade agreements so you can gain from them. Canada has ratified many global and bilateral trade agreements, but how many of those are you actually aware of?
According to Canadian Shipper, in a recent federal survey involving 507 Canadian exporting companies, the vast majority of small and medium-sized enterprises have very low awareness of Canada’s free trade agreements. Of those surveyed, only 7% were familiar with the details of the latest Comprehensive Economic and Trade Agreement (CETA) and Comprehensive and Progressive Trans-Pacific Partnership (CPTPP). With Canada pushing to diversify trade, there is an increasing potential for businesses willing to ship to areas such as the Europe (CETA) and other areas like Japan and Australia (CPTPP).
The federal government has struggled to get more companies to pursue new free-trade opportunities beyond the familiarity and convenience of the United States market. CETA alone claims to allow firms preferred access to $24-trillion market and 500 million European consumers. This vast market, along with other trade agreements, opens numerous opportunities for expansion that many Canadian businesses may not be aware of. If you have any questions or concerns, we advise you to please contact a JORI Representative at your earliest convenience.