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Recommended: Importance of globalization and international trade

Introduction
The world has changed a lot due to globalization. Now the well-being and prosperity of countries and nations is highly dependent on healthy international trade and investment relationships. The key factor underlying this prosperity is their openness to the global economy. While the global market is becoming increasingly integrated, it is important for the European Union and Canada to succeed in all areas of global commerce.
Due to the recent global financial crisis, such concepts as economic partnership and trade policies had to be changed with some governments around the world. While some of the economies adopted protectionist policies, others sought growth through facilitating trade with the objective of proceeding towards investigating new opportunities among current allies, as well as making future trade deals with the countries that are opening up to the global economy. Both large and small national economies as well as advanced and emerging markets looked for the means to diversify their international activities and gaining access to markets in Asia, Africa and the Middle East. As a result, the deepening of the EU-Canada economic and trade relations does not only follow the common trend but contributes also to enhancing competitiveness and prosperity of the both parties.
While Canada’s economic relationship with the United States remains the first priority, the attempts made by the Government of Canada to diversify trade, signing a significant Canada-EU FTA in particular, offers a very lucrative policy options and is aimed at strengthening and nurturing the current state of the EU-Canada trade relations.
A subject of this course work is EU-Canada economic and trade relations.
The topic of the paper is the fa...

... middle of paper ...

...udy showed that the comprehensive economic and trade agreement (CETA) would boost GDP by “€11.6 billion in the EU (or 0.08% of GDP) and €8.2 billion in Canada (or 0.77% of GDP)”. (European Commission and the Government of Canada, “Joint Study,” 5.2.3(23)) Therefore, officials and critics agree, the agreement is likely to have a greater impact on Canada. According to estimates cited by the Council of Canadians, CETA would provide a more modest “GDP boost of between one-quarter and one-half of [the officially predicted] amount, or between $3 billion and $6 billion”. (Stuart Trew, 2012)
In particular, the agreement will provide several benefits:
• The total EU exports to Canada is expected to grow by 24.3% and the overall bilateral trade between Canada and the EU is estimate to increase by 20.6%.
• 50% of the absolute expected benefits are linked with trade in services

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