General Information History Canada-US Free Trade Agreement Industries Unit 18 Canadian Economy General Information History Canada-US Free Trade Agreement Industries

General Information Canada is a leading industrial nation with a highly developed economy, one of the world's wealthiest nations, and a member of the Organization for Economic Co-operation and Development (OECD) and Group of Eight (G8).

Three Influential Factors Physical Geography The United States Government’s Intervention

History Pre WWII—The National Policy by Macdonald 1950s & 1960s—the Golden Age, a time of high employment, low inflation and growing income 1970s—oil crisis & recession 1980s—the National Energy Policy, economic recession 1990s—brief recovery & economic slump Canada is a mixed market or social market economy.

Canada-US Free Trade Agreement This agreement was signed by President Reagan and Prime Minister Mulroney on January 2, 1988 and, after implementing legislation was enacted in the United States and Canada, the Agreement entered into force on January 1, 1989. Its main purpose is to eliminate all tariffs on trade between the U.S. and Canada by January 1, 1998. A few years later, it was superseded by the North American Free Trade Agreement, which included Mexico as well.

Industries Three main economic sectors Primary industry—natural resources Secondary industry—manufacturing Tertiary industry—service

Agriculture Unsuitable farming conditions Agricultural importance The prairie provinces—wheat, cereals, feedstock, cattle (50%); subsidy policy Eastern provinces of Quebec & Ontario—dairy farms (4/3), hog farms (2/3) New Brunswick & Prince Edward—poultry, potato British Columbia—fruits & vegetables Agricultural export & import

Natural Resources Canada has considerable natural resources spread across its varied regions. British Columbia—the forestry industry Alberta and Newfoundland and Labrador—the oil industry Northern Ontario—mines The Atlantic provinces—the fishing industry

Manufacturing Manufacturing products: paper, technological equipment, food, clothing Technological successes Nuclear technology—electricity Hydroelectricity Telecommunications Space technology—Canadarm

Service Banking, health care, construction, communications, education, tourism, government Export GATT—The General Agreement on Tariffs and Trade关税及贸易总协定 Free Trade Agreement

Group of Eight Leaders of the G8 group of industrial nations have ended three days of meetings in the German Baltic Sea resort of Heiligendamm with a compromise on global warming and renewed pledges for Africa. VOA's Sonja Pace reports from the summit. Canada, France, Germany, Italy, Japan, Russia, the United Kingdom, and the United States