The North American Free Trade Agreement between Canada, the United States and Mexico came into force on January 1, 1994 and created the world`s largest post-GDP free trade region. Until 2014, NAFTA`s GDP was estimated at more than $20 trillion, with a market of 474 million people. [5] [6] Based on this success, Canada continues to negotiate free trade agreements with more than 40 countries and has free trade agreements, most recently with South Korea, Canada`s first free trade agreement with an Asia-Pacific partner. Since 2018, Canada has also concluded two other important multilateral trade agreements: the Comprehensive Economic and Trade Agreement (CETA) with the European Union and the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) agreement with 10 other Pacific countries. [7] On September 21, 2017, CETA was provisionally implemented, immediately removing 98% of the EU`s customs positions on Canadian products. [8] Canada is currently the only G7 country to have free trade agreements with all other G7 countries. Free trade with the last G7 country, Japan, began with the entry into force of the CPTP on 30 December 2018. 2016: Less than a year after his election, Prime Minister Justin Trudeau travels to China with a focus on building economic relations. A few weeks later, Premier Li Keqiang visited Canada, the first visit by a Chinese leader since 2010. Mr.

Trudeau and Li announce a plan to double bilateral trade by 2025 and work toward a free trade agreement. But trade negotiations came to an early end when Ottawa called for provisions on labour rights and gender equality and environmental protection, which Beijing rejected. 2018: U.S. President Donald Trump sparks a customs war with China, his government has signed a new trilateral trade agreement with Canada and Mexico, which contains a clause preventing its signatories from signing separate agreements with „non-market“ countries – generally understood as China. In any event, Mr. Trudeau expressed the hope of a „possible“ Sino-Canadian agreement. This prospect will be further removed in December, when RCMP officers arrest Meng Wanzhou, the chief financial officer of China`s Telekom Huawei, at the request of the United States.