Trade between Germany and Canada (including travel and tourism) was about $6 billion in 2019. In the field of science and research, Canada is one of Germany`s major partners in the world. Since the signing of the German-Canadian Intergovernmental Agreement on Scientific and Technological Cooperation in 1971, more than 1,000 bilateral cooperations have been concluded between German and Canadian research and investment agencies, universities and the private sector. Current priority areas of research under this umbrella are natural resources, energy, the environment (including Arctic and ocean research), modern manufacturing technologies, and information and communication technologies focused on artificial intelligence and health research. The development of multilateral trade relations is a priority for both Germany and the European Union. The EU`s position on bilateral free trade agreements (FTAs) has developed since 2007 in light of bilateral free trade agreements concluded by some of Europe`s key trading partners (including the US and Japan) that could compromise the competitiveness of European companies in world markets. The new generation of free trade agreements that the EU intends to conclude with other countries is broad and covers a wide range of aspects. These agreements deal not only with the issue of tariffs (for example. B, tariffs, export subsidies), but also rules on services, the removal of non-tariff barriers and other trade-related aspects, such as investment and competition. Since the scope of these agreements goes beyond the WTO agenda, they are often referred to as “WTO agreements.” Click here for an overview of existing EU free trade agreements.
The Comprehensive Economic and Trade Agreement (CETA) (Canada-Europe Trade Agreement) is a free trade agreement between Canada and the European Union.    It was applied on an interim basis and thus eliminated 98% of the existing tariffs between the two parties. Germany is Canada`s largest export market in the EU and our 6th largest trading partner in the world, with a trade volume of $25.6 billion in 2019. Canadian exports to Germany totaled $6.3 billion in 2019, while Canada`s imports from Germany totaled $19.3 billion. Areas of interest include aeronautics and space, advanced manufacturing, automotive, life sciences, information and communication technologies and the agri-food industry. Canada`s exports of world-class goods include machinery, minerals, scientific and precision instruments, electrical and electronic machinery and appliances, mineral fuels and oils. Canada is conducting exploratory discussions on bilateral or multilateral free trade agreements with the following countries and trading blocs, although formal negotiations have not yet begun: Minister Altmaier: “The EU-Japan Economic Partnership Agreement is an important signal for free and fair trade.” In 2019, bilateral trade between Germany and Vietnam amounted to about 14 billion euros. The stock of German direct investment in Vietnam amounted to about 840 million euros in 2017. More than 300 German companies are currently active in the Vietnamese market. University Vice-President Judith Wolfson welcomed guests to UofT`s Grand Hall.
The historic Hart House, which represents the first Canadian trade, dates back to the time of the UofT benefactor, Vincent Massey, whose father Hart Massey already exported agricultural equipment to Germany in 1867. He was followed by Dr. Guido Westerwelle, Vice-Chancellor and Minister of Foreign Affairs of Germany, who took the opportunity to thank Canada for its support of German unity in recent decades. In his policy speech, he stressed the importance of free trade and celebrated the ever-growing partnership between Canada and Germany, based on shared values and ideas.