Bilateral Trade and Economic Cooperation between the US and Canada: A Joint Effort for the Future

Strategic Insights -

Pres. Bill Clinton emphasized the significance of bilateral trade and economic cooperation between the US and Canada, citing the progress made in the North American Free Trade Agreement and GATT as substantial economic benefits. He expressed his enthusiasm for closer cooperation to achieve further gains, particularly in trade, investment, and education. Clinton acknowledged the shared challenges faced by both nations, including increasing productivity, generating more jobs and higher incomes, and adapting to the global economy's new challenges.

Key Takeaways:

  • The North American Free Trade Agreement has increased bilateral trade between the US and Canada by about 15 percent last year alone.
  • The US and Canada have made significant progress in the GATT agreement, with the Asian Pacific Economic Cooperation group agreeing to open markets in Asia early in the next century.
  • The Summit of the Americas has aimed to open markets in Latin America to both nations, with the region being the second-fastest growing set of economies in the world.
  • Prime Minister Jean Chretien will host the G-7 nations in Halifax this summer, where one of the key questions will be whether international institutions, such as the IMF and the World Bank, can adapt to the challenges of the 21st century.
  • The US and Canada have been working to sustain support for democratic governments and market economics by ensuring that they work for ordinary people, providing opportunities for them to build a better life.

Statistics:

  • The North American Free Trade Agreement has increased bilateral trade between the US and Canada by about 15 percent last year alone.
  • Latin America is the second-fastest growing set of economies in the world and an enormous opportunity for the US and Canada.
  • The IMF and the World Bank were established after the Second World War to address economic challenges, but are now trying to adapt to the new global economy's challenges.
  • The Summit of the Americans aims to open markets in Latin America to the US and Canada, aiming to create new economic opportunities for both nations.

Sources:

  • Raymond Chretien, Canadian Ambassador to the United States
  • James J. Blanchard, U.S. Ambassador to Canada
  • Jean Chretien, Prime Minister of Canada
  • Shirley Thomson, director, National Gallery of Canada
  • The speech was delivered at the National Gallery of Canada, Great Hall, on February 24, 1995.