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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.
Canada and the United States have one of the world's unique relationships: two sovereign states, occupying the bulk of North America and sharing the world's longest undefended border, each reliant on the other for trade, continental security and prosperity.
Canadian Foreign Relations
Through its history, Canada has taken a series of increasingly bold steps to develop from a British colony into an independent nation. Both the world wars were turning points, with Canada's military sacrifices giving it the strength and confidence to demand its own voice on the world stage. In the postwar era, Canada has maintained its role in both Western and global alliances. However, relations with the United States – because of its singular importance to Canadian security and trade – have dominated Canada's foreign policy since Confederation.
Sovereignty is an abstract legal concept. It also has political, social and economic implications. In strictly legal terms, sovereignty describes the power of a state to govern itself and its subjects. In this sense, sovereignty is the highest source of the law. With Confederation and the passage of the British North America Act, 1867, Canada’s Parliament was still legally under the authority of the British Parliament. By 1949, Canada had become fully sovereign in relation to Great Britain. This was due to landmark legislation such as the Statute of Westminster (1931). The Constitution Act, 1982 swept away Britain’s leftover authority. Questions of sovereignty have also been raised by Indigenous peoples in Canada and by separatists in Quebec. The latter, for a time, championed the concept of sovereignty-association.
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).
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 drought in 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.