Explain Export and Import Permits Act

Question

Explain Export and Import Permits Act?

Answer 1

Controls imports from countries with extremely low production and labour costs. Assistance is available through the Canadian International Development Agency (CIDA) and the Department of External Affairs.

International trade is also regulated by international agreements, where signing nations agree to limit their controls and duties on goods. For Canada, these include the World Trade Organization (WTO), which provides a forum for negotiating trade rules and a mechanism for resolving disputes, and the North American Free Trade Agreement (NAFTA), which includes a phased-in reduction and elimination of tariffs.