An Overview of Canada- Asia Trade Relations
1 a. Asia’s geography: Asia is divided into 5 geographical parts namely; North Asia, South Asia, Southeast Asia, East Asia and Inner Asia. It’s five major physical regions are mountains systems, plains, plateaus, steppes, deserts, freshwater environments and saltwater environments.
Asia’s population: Asia is the largest out of the 7 continents with the highest population in the world. It is also the youngest continent too. It’s so large that it takes up 30% of the world’s land and 60% of the world’s total population with 4,460,032,418 inhabitants.
Asia’s culture: Asia has the greatest diversity of culture as it’s the world’s most populated continent. Common languages spoken in Asia include Urdu,
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Asia’s politics: Asian politics is diverse and keeps changing. Many political systems could be found in Asia which include democracies, constitutional monarchies, communist regimes and military based authoritarian governments.
1 b. Asia’s major imports and exports: The list below shows Asia’s most imported
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What Canada trades with Asia:
In a nutshell, manufactured goods make up the bulk of what Canada imports. Canada’s top Asian trading partner is China with an overall trade value of $84 billion.
4. China charges tariffs on most imports and these tariffs are assigned on the transaction value of the imported goods.
In order for one to be able to purchase imported goods, the importer must have:
A form of authorization from the various government bodies;
Sufficient foreign exchange
An import license (not necessary in all cases)
The Ministry of Foreign Trade and Economic Cooperation (MOFTEC) may restrict the export action of a good if:
A quota had been established by the country to which the good ought to be exported to
The MOFTEC has established a limit on the quart of goods to be imported into a country so that the good’s amounts don’t excess the market’s capacity.
The MOFTEC wishes to limit the export action of a good so as to impact foreign
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