Canada has been a participant in international trade for many years, and free trade agreements have played a crucial role in shaping Canada`s economic landscape. A free trade agreement (FTA) is a treaty signed between two or more countries, aimed at reducing barriers to trade and promoting the flow of goods and services across borders, with minimal or no tariffs.

The current free trade agreement that Canada has in place is the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which includes 11 other Pacific Rim countries such as Japan, Australia, and New Zealand. However, Canada is currently in negotiations for another FTA, The Canada-United Kingdom Trade Continuity Agreement (TCA).

If ratified, the TCA would serve as a bridge between the existing Canada-European Union Comprehensive Economic and Trade Agreement (CETA) and the potential Canada-United Kingdom Free Trade Agreement (CUFTA). The TCA would maintain Canada`s current tariff-free access to the UK market and provide stability for businesses and consumers during the transition period after Brexit.

Some of the benefits of the TCA for Canada include increased trade opportunities in the UK market, which has a population of over 67 million people and a GDP of $2.7 trillion. The TCA would provide Canadian businesses with the competitive advantage of having preferential access to this market over non-FTA countries. Additionally, businesses would benefit from the elimination of tariffs on various products, including seafood, spirits, and vehicles.

In addition to opening up new markets for Canadian businesses, the TCA would also support Canadian jobs. Canada`s exports to the UK account for over 1.7% of GDP, and the TCA would provide businesses with increased certainty and streamlined access to this market. Furthermore, the TCA would also facilitate the movement of professionals between Canada and the UK, making it easier for Canadian professionals to work and do business in the UK.

Free trade agreements are essential in promoting global economic growth, and the TCA would provide Canada with a significant boost in trade opportunities, job creation, and economic prosperity. While the negotiations are ongoing, the benefits of the TCA for Canada are clear, and the agreement has the potential to be a game-changer for Canadian businesses and consumers alike.