Canada is one of the world's great trading nations. No industrialized country relies more on trade for its prosperity. Exports and imports account for more than 70 percent of our Gross Domestic Product. We are acutely aware of the need to make Canada globally competitive, and a favourable home for foreign direct investment that, in the 1990s, creates trading networks. That is why the Government of Canada has placed such a strong emphasis on getting the country's macroeconomic fundamentals right.
Inflation is low.
Interest rates are low. Government spending has been cut. We are in an excellent position to build on our strength as a global trader. But I want to dispel some myths about the nature of Canadian trade. Canada has long held a place in Europe's heart as a land of immense natural resources.