Scholarly record

INTENSIFICATION OF CANADA FOREIGN TRADE WITH THE COUNTRIES OF THE EUROPEAN UNION

I. Babich

Abstract

International trade is the oldest and most development form of international relations. The current conditions of globalization of the economy have become a powerful stimulus for the development of international trade, especially within the existing customs, trade and economic unions. Despite the fact that the USA and Mexico are traditionally the main partners of Canadian foreign trade policy in the framework of the North American Free Trade Agreement (NAFTA), in recent years the countries of the European Union (EU) became an important direction in development of Canada's foreign trade. Signing of the Comprehensive Economic and Trade Agreement in October 2016 during the EU-Canada Summit and the Agreement on the Strategic Partnership between Canada and EU countries will facilitate strengthening of cooperation in important areas, such as further integration; development of state-of-the-art technologies; power generation; environment protection; migration; fight against terrorism; preserving peace and stability; counteraction against climate change. Signing of the Agreement will also intensify opening of the new markets for exporters of commodities and establishment of more tight relations between the countries. The article reviews the dynamics of foreign trade turnover and export of Canada as well as import of goods from the major trading partners - EU member states; highlights the EU member states, with which foreign trade relations are being developed most successfully. The article identifies the main tendency in alteration of Canadian import and export of commodities and provides the forecast of export and import volumes of the country by 2020. The article explores the commodity and regional structure and on-going structural shifts in Canadian export and import of goods with the leading EU countries. The article contains evaluation of the degree of regional concentration of commodities being exported and imported by the country. The research is methodologically based on clustering/grouping method; structural and dynamics analysis; method of analytical alignment of the time series by straight-line function.

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DOI resolver: doi.org/10.5593/sgemsocial2018H/11/S12.089

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