International trade and investment are an essential source of economic growth and opportunity for British Columbia. In 2020, B.C. exported nearly $40 billion in goods to other countries. Trade helps to sustain B.C.’s small, open economy. So why does free trade improve British Columbia’s economic environment? Let’s overview some of the key reasons as to why free trade is so beneficial to British Columbia.
The Bank of Canada estimates 1 in 6 Canadian jobs is linked to export
Free trade has had an overall positive effect on global wealth. The Bank of Canada reports that the most significant increase in global wealth coincided with a worldwide reduction in trade barriers and a major increase in international trade. The incomes of Canadians are estimated to be 15 to 40 percent higher due to freer trade. In British Columbia, companies that grow their revenue by accessing new international markets support hundreds of thousands of jobs. The revenue and job income they create also flow back out of the province to purchase goods and services that we can’t efficiently make in B.C., contributing to a higher standard of living for citizens. Learn more about the benefits of FTAs
Canada is the only country to have free trade agreements (FTAs) with all other G7 countries
Canada’s FTAs give British Columbia businesses a key first-mover and competitive advantage over rival countries that do not have FTAs with the same trading partners as Canada does.
Canada’s 15 free trade deals cover 49 countries and offer some of the best market access
in the world. These agreements provide preferential tariffs, government procurement opportunities, facilitate business people entry to make it easier for service providers and investors to enter the market to research or provide a service, oversee their investment, improve labour mobility, provide trade stability and recourse for non-compliance with trade obligations. British Columbia’s shared border with the United States facilitates an abundance of regional trade activity. The province’s prime west coast location bordering the Pacific Ocean has also helped build a more diverse trade network than neighbouring provinces.
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