Benefits of open trade
In the decades following World War II, open trade flourished around the world. This drove innovation, efficiency and productivity. It provided consumers with more choice for less money. It also led to higher incomes and raised standards of living worldwide.
Global trade remains crucial for small open economies like Canada. We rely on exports for roughly one-third of our income. Imported components feed into many of our key industries, such as manufacturing. However, over the past 15 years, global trade growth has slowed. The countries producing manufactured goods are changing, geopolitical tensions have caused friction, and public support has faded.
Now global trade is being rewired, recast and redirected—and that has major implications for a country like ours.
