With the exception of a few island nations in the Caribbean, Canada is the only major parliamentary system in North America. 5.3 Ongoing free-trade agreements negotiations.5.2 Free-trade agreements no longer in force.
In Canada, the USMCA is officially known as the Canada–United States–Mexico Agreement (CUSMA) in English and the Accord Canada–États-Unis–Mexique (ACEUM) in French. It is a member of the APEC, G7, G20, OECD and WTO, and was formerly a member of NAFTA until the USMCA came into force in 2020.
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Canada is one of the global leaders of the entertainment software industry. With the world's longest coastline, Canada has the 8th largest commercial fishing and seafood industry in the world. Canada also has a sizable manufacturing sector, based in Central Canada, with the automobile industry and aircraft industry being especially important. Ĭanada is unusual among developed countries in the importance of the primary sector, with the logging and energy industries being two of Canada's most important. In 2018, Canada had a trade deficit in goods of CA$22 billion and a trade deficit in services of CA$25 billion.
Canada's exports totalled over CA$585 billion, while its imported goods were worth over CA$607 billion, of which approximately CA$391 billion originated from the United States, CA$216 billion from non-U.S. In 2018, Canadian trade in goods and services reached CA$1.5 trillion. The Toronto Stock Exchange is the eighth-largest stock exchange in the world by market capitalization, listing over 1,500 companies with a combined market capitalization of over US$3 trillion. The country's average household disposable income per capita is "well above" the OECD average. Canada historically ranks above the United States and most western European nations on The Heritage Foundation's index of economic freedom, while experiencing a relatively low level of income disparity. Īccording to the Corruption Perceptions Index, Canada is perceived as one of the least corrupt countries in the world, and is one of the world's top ten trading nations, with a highly globalized economy. Canada is considered an " energy superpower" due to its abundant natural resources and a fairly small population of 38 million inhabitants, in relation to its land area. It is also the fourth largest exporter of natural gas. It has the world's third largest proven petroleum reserves and is the fourth largest exporter of petroleum. Canada has the third highest total estimated value of natural resources, valued at US$33.2 trillion in 2019. As with other developed nations, the country's economy is dominated by the service industry which employs about three quarters of Canadians. It is the 9th largest GDP by nominal and 15th largest GDP by PPP in the world. The economy of Canada is a highly developed mixed economy. All values, unless otherwise stated, are in US dollars.
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