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Canada and the World Trade Organization

The World Trade Organization (WTO) is the only international organization that regulates global trade. It is based in Geneva, Switzerland. Canada is one of its 164 members. The country plays a central role in the WTO and was also a key member of the General Agreement on Tariffs and Trade that preceded it. In addition to helping craft the WTO’s dispute resolution systems, Canada is among those countries most directly involved in its trade dispute cases.

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Commodities in Canada

In commerce, commodities are interchangeable goods or services. Many natural resources in Canada are viewed as commodities. They are a major source of the country’s wealth. Examples of commodities include a barrel of crude oil, an ounce of gold, or a contract to clear snow during the winter. Commodity products often supply the production of other goods or services. Many are widely traded in futures exchanges (see Commodity Trading).

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General Agreement on Tariffs and Trade (GATT)

The General Agreement on Tariffs and Trade (GATT) was an international trade agreement. It was signed by 23 nations, including Canada, in 1947 and came into effect on 1 January 1948. It was refined over eight rounds of negotiations, which led to the creation of the World Trade Organization (WTO). It replaced the GATT on 1 January 1995. The GATT was focused on trade in goods. It aimed to liberalize trade by reducing tariffs and removing quotas among member countries. Each member of the GATT was expected to open its markets equally to other member nations, removing trade discrimination. The agreements negotiated through GATT reduced average tariffs on industrial goods from 40 per cent (1947) to less than five per cent (1993). It was an early step towards economic globalization.

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The Great Depression in Canada

The Great Depression of the early 1930s was a worldwide social and economic shock. Few countries were affected as severely as Canada. Millions of Canadians were left unemployed, hungry and often homeless. The decade became known as the Dirty Thirties due to a crippling droughtin the Prairies, as well as Canada’s dependence on raw material and farm exports. Widespread losses of jobs and savings transformed the country. The Depression triggered the birth of social welfare and the rise of populist political movements. It also led the government to take a more activist role in the economy.