Introduction Global business is changing; the international marketplace is now a platform for investment, technology partnerships and trading relationships. Consequently, Canada’s ability to do well economically pegs on its ability to tap into these new changes. One of the ways to facilitate this is through a proper understanding and engagement with international economic communities. Relationship between international economic communities and Canadian business On a general level, these communities have a direct effect on the nature of opportunities available to Canadian businesses. This is because they can alter the trade barriers prevalent within a certain region or country of the world. When this occurs then the interests of Canadian businesses will be accommodated. Additionally, some countries may offer subsidies for certain internationally oriented goods and this makes it unfavorable for businessmen and women in Canada. To this end, economic communities often work towards decreasing or eliminating these barriers. They also try to reduce other market related government interventions that may make business unfeasible in those countries. Market accessibility and risks inherent in a certain region can also be highly affected by a country’s policies. International economic communities therefore assist in reduction of tariffs on goods and services that attract Canadian businessmen (Amato & Laudati, 54). The communities also help in forging partnerships with countries so that trading in those areas can be more predictable. These communities often expect members to be transparent in their endeavors thus making those member states very feasible target nations for business. The largest trading partner in Canada after the United States is the European Union; an issue brought on by the integration of 27 countries in Europe. Canadian businesses therefore have a lot of vested interests in the European Union. However, a more direct reason for interest in this region lies in the fact that it is also a trading community. One of the ways in which Canada has benefited from the European Community is through drafting of agreements such as the Science and Technology agreement signed in 1996. Technologically oriented businesses from either country can therefore benefit by exchanging information and resources (Hoekeman, 25). The EU as an international community also provides Canadian businesses with immense investment opportunities since the rules applicable in the entire region are unified. Canada has had a long history of cooperation with the European Union as a trading partner. They first started in 1976 when the European Economic Community signed an agreement with Canada (Foreign Affairs and International trade Canada (a), 13). This was done in order to enhance the degree of economic cooperation between the latter two nations. Thereafter, Canada and the European Union created a declaration in 1990 that would allow transatlantic relations to grow between these two nations. Six years later, they would then enter into another declaration that soon came to be known as a joint action plan between the two countries. The trade and investment enhancement agreement also came into place in 2004(Foreign Affairs and International trade Canada (b), 9). This