Canada in the Global Business Environment Canada: A trading nation?
The changing global business environment poses various challenges that require nations to develop proactive strategies to counter them. This top level meeting comes at a time when there are high expectations because of the many joint statements and political pronouncements to counter trade challenges across the world (Britton, 1996).However, a prompt shift from these promises is required in favor of specific strategies and actions to improve the global business environment. At this top level-meeting that will bring together the Minister of Foreign Affairs, Minister of International Trade, senior business executives representing several multinational corporations as well as a large group of small and medium-size enterprises tangible strategies to facilitate an ideal global business environment are expected to be developed and implemented.
The first recognized challenge is the highly concentrated Canadian and United States import/export activities. These two nations conduct the largest bilateral trade in the world, with trade in both important and export merchandise trade reported at over 4 billion dollars in 2014. The economies of these nations are asymmetrical, but highly integrated. The relationship is asymmetrical because of Canada’s overdependence on the larger US economy, and it is highly integrated due to the trade pact-North America Free Trade Agreement (NAFTA) between the two nations. This is a challenge that keeps Canada from engaging with other nations and trade block in the global business environment. The bilateral trade relationship with the United States dominates much of Canada’s capacity to effectively engage in the global business environment.
The second challenge that hinders the qualification of Canada as a trading nation is that certain sectors, such as the resource-based businesses and automotive account for a disproportionately large amount of Canada’s trade. This disproportionate trade limits the performance of other important sectors like telecommunication that has gained prominence in the global trade environment (Macdonald, 2007). Canada’s trade lags behind in certain key areas because of the overemphasis on certain sectors that ultimately translates to reduced competitiveness in the global business environment. Despite the challenges, there is high optimism as Canada is keen applying tangible strategies including the ones that will be proposed in the coming meeting to consolidate its position in the global market.
Enhancing intra-company trade is one practical strategy the Canada has developed to respond to the ever changing global business environment. The intra-company trade entails the transfer of resources between affiliated companies to promote Canada’s export. It mainly handles intermediate goods by connecting them to various stages of the global value chains as well as regional trade flows. Canada acknowledges distribution networks as important factors for promoting international production and value chains. Canada is a strong member of the World Trade organization (WTO) and adopts strategies proposed by this organization to promote strong global distribution chains through intra-company trade, which eventually translate to the overall global business environment (Britton, 1996)..
Canada integrates the efforts of the private sector and government to promote international trade. The private sector has consistently provided unique skills, innovation, and resources to support the government in its global trade agenda. Working together with the private sector comprised of multilateral institutions, non-governmental organizations, and partner nations that follow responsible investment and business practice allows the government of Canada to achieve its economic development goals that help it perform well in the global market (Macdonald, 2007). This occurs through increased ability to create jobs, unlock innovations that provide development solutions, mobilize private investment, and deliver services and products to the citizens to reduce poverty and allow them to participate in healthy business.
Britton, J. N. H. (1996). Canada and the global economy: The geography of structural and technological change. Montreal [u.a.: McGill-Queen’s Univ. Press.
Macdonald, D. (2007). Business and environmental politics in Canada. Peterborough, Ont. [u.a.: Broadview Press.
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