Canada

Canada is the 10th global economy and is noted for having a diversified and strong economy, driven by its abundance in natural resources, particularly oil, gas and minerals, but also for its growing technology sector, manufacturing and financial services. Canada is also a key player in international trade, with the United States as its main trade partner under the USMCA Trade Agreement, and with free trade agreements with the European Union and different economies of the Pacific. Its stability, diversification and trade openness make Canada one of the markets where Basque companies have greatest potential.

A very competitive market with a global outlook

Canada, with a population of around 40 million people, has a strong and diversified economy, driven by its wealth in natural resources such as oil, gas and minerals, as well as by growth sectors such as technology, manufacturing and financial services. This diversification has been key for its resilience to global fluctuations of the prices of raw materials. Cananda is an important player in international trade, with the United States as its main partners under the USMCA Trade Agreement, and free trade agreements with the European Union and economies of the Pacific. Politically, it enjoys stability and a robust democratic system that facilitates consistent macroeconomic policies, such as the Bank of Canada’s monetary policy focused on controlling inflation. Its political stability, commercial openness and economic diversification, together with an ageing but growing population, position Canada as one of the most advanced and competitive economies of the world.

El desempeño de la economía canadiense ha sido sólido, impulsado por su diversificación sectorial, que combina una fuerte base en recursos naturales como petróleo, gas y minerales, con sectores en crecimiento como tecnología, manufactura avanzada y servicios financieros. Esta diversificación ha permitido a Canadá resistir mejor las fluctuaciones en los precios de las materias primas y las dinámicas del comercio global. Sin embargo, enfrenta retos importantes como la necesidad de reducir su dependencia de las exportaciones energéticas, adaptarse a las tensiones comerciales con Estados Unidos y China y gestionar la transición hacia energías más limpias. A futuro, las perspectivas son de un crecimiento moderado, con un enfoque en la sostenibilidad ambiental y la diversificación comercial, mientras Canadá busca consolidarse como una economía resiliente y competitiva en el escenario global.

Canadá es uno de los principales actores en el comercio internacional. Sus exportaciones están dominadas por recursos naturales, especialmente productos energéticos como petróleo y gas, que representan más de una cuarta parte del total. El país también es un importante exportador de minerales, productos forestales, productos agrícolas (como trigo y canola), y manufacturas, como vehículos y maquinaria.

Estados Unidos es su mayor socio comercial, absorbiendo alrededor del 70% de las exportaciones canadienses, principalmente a través del Tratado entre México, Estados Unidos y Canadá (T-MEC), tratado que con las nuevas políticas arancelarias de Donald Trump está puesto en cuestión. Además, Canadá mantiene acuerdos de libre comercio con la Unión Europea (CETA) y con varias economías del Pacífico bajo el CPTPP, lo que ha permitido expandir su alcance hacia mercados como Japón y Australia. En los últimos años, la demanda de materias primas canadienses ha crecido en Europa y Asia, en parte debido a los esfuerzos de esas regiones por reducir su dependencia de las exportaciones energéticas rusas.

Sin embargo, Canadá enfrenta desafíos en su comercio internacional, incluidas las tensiones con Estados Unidos, que está por ver cómo evolucionan y con China, uno de sus principales mercados de productos agrícolas, y la necesidad de diversificar sus socios comerciales para reducir su dependencia de Estados Unidos. Se prevé un crecimiento de sus exportaciones del 2,7% en 2025 y una media anual del 2% entre 2026 y 2028.

The Canadian market is robust, dynamic and highly integrated in the global economy, with a structure that reflects both its economic development and its proximity to large markets such as the United States. Even though it has traditionally depended on its vast natural resources, such as oil, gas, mining and forestry products, the Canadian market has experienced growing diversification. Sectors such as technology, advanced manufacturing, biotechnology, financial services and clean energy have become more prominent, turning cities such as Toronto, Vancouver and Montreal into leading global financial and technological hubs.

The Canadian consumer market is one of the most advanced in the world, with a population that enjoys a high standard of living and there is strong demand for goods and services. The retail, property and services sectors are key for the domestic economy. Further, consumer spending has been driven by an immigration policy that attracts talent and capital, which in turn fuelling growth in different areas of the market. Canada is an attractive destination for foreign direct investment (FDI) due to its political stability, its advanced infrastructure and its favourable business climate. However, the Canadian government has begun to restrict certain investments, particularly in strategic sectors such as natural resources and technology, to protect economic security and sovereignty.

El riesgo país de Canadá para el comercio e inversiones es bajo, debido a su estabilidad política, marco legal sólido y diversificación económica. Sin embargo, algunos factores generan riesgos moderados. La dependencia de las exportaciones de recursos naturales, especialmente petróleo y minerales, expone a Canadá a la volatilidad de los precios globales. Un entorno comercial más proteccionista en EE.UU., caracterizado por nuevos aranceles y controles fronterizos más estrictos, está generando desafíos para las actividades comerciales y de inversión canadienses. El mercado inmobiliario sobrecalentado en ciudades clave también plantea un riesgo financiero. A pesar de estos desafíos, Canadá sigue siendo un destino atractivo para inversiones con un entorno regulatorio favorable y una economía avanzada, aunque debe gestionar adecuadamente estos riesgos para mantener su competitividad a largo plazo.

Government intervention in Canada’s economy achieves a balance between free market policies and strategic regulation to guarantee stability and social wellbeing. The Canadian government plays an important role in sectors such as health, education and social services, where universal access is prioritised. In economic terms, the intervention includes policies to manage natural resources, promote clean energy and regulate foreign investment in strategic industries such as technology and energy, limiting, for example, Chinese investment in those sectors. At the same time that it drives innovation and competitiveness, Canada also implements measures to protect national industries and to address environmental challenges, thus ensuring sustainable growth in the long run.

Canadá cuenta con 15 Tratados de Libre Comercio que abarcan 49 países. Dada la apertura de la economía, en la que uno de cada cinco empleos está vinculado directa o indirectamente a las exportaciones, la liberalización del comercio seguirá contando con el apoyo de los partidos que gobiernen a partir de abril de 2025. Las políticas en este ámbito se guiarán en parte por la necesidad de mantener estrechas relaciones con EE. UU., con diferencia el mayor socio comercial de Canadá. La certidumbre comercial mejoró con la implementación del USMCA, el tratado sucesor del Tratado de Libre Comercio de América del Norte (TLCAN), en 2020, pero la llegada de Donald Trump a la Casa Blanca ha vuelto a introducir cierta incertidumbre sobre su aplicación.

Trade barriers in Canada for Basque companies are relatively low, thanks to the EU-Canada Comprehensive Economic and Trade Agreement (CETA). However, challenges may emerge such as the adaptation to Canadian regulatory standards in sectors such as food, technology or pharmaceuticals, along with differences in the provincial regulations. Furthermore, it is mandatory in Quebec to comply with the French linguistic legislation. Despite these barriers, Canada offers a favourable landscape for Basque companies.

Canada’s regulatory environment support foreign companies by facilitating their operations, a robust protection of patents and pro-innovation policies. The efficient and transparent judicial system guarantees the effective protection of the intellectual and real property rights, the fair settlement of disputes and the enforcement of arbitration decisions. With good insolvency legislation, improvement recovery rates and efforts to stop money laundering, Canada continues to be an attractive destination for foreign investments despite some regional legal differences.

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Basque Trade & Investment Canadá

393 Rue St-Jacques #250, Montreal, Qc, H2Y 1N9 (Walk In customer)

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