Ottawa Agreement 1932

The Ottawa Agreement of 1932: A Historical Moment for International Trade

The Ottawa Agreement, also known as the Dominion Conference of 1932, was a significant event in Canada`s history. It marked the beginning of a new era of international trade for the country, as well as a response to the worldwide economic turmoil of the Great Depression.

The agreement was signed on July 20, 1932, by representatives of Great Britain, Canada, Australia, New Zealand, and South Africa. The agreement was designed to protect and increase trade volumes between the nations by lowering tariffs and promoting trade agreements between each other.

The significance of this agreement lies in the fact that it was signed at a time when the global economy was on the brink of collapse. The Great Depression had taken hold, and countries around the world were struggling to cope with the economic fallout. The Ottawa Agreement was a response to this crisis, as countries sought ways to increase trade and protect their economies.

Under the agreement, each country agreed to reduce tariffs on goods imported from other member countries. In addition, they committed to negotiating bilateral trade agreements, which would further increase trade volumes between the nations. This helped to create a more stable trading environment and encourage economic growth.

The Ottawa Agreement was also significant in that it marked Canada`s emergence as a major player in international trade. With the signing of the agreement, Canada was able to establish itself as a significant market for other countries to trade with, and establish reciprocal trade agreements with other member nations.

In addition, the Ottawa Agreement served as a template for future trade agreements and negotiations. Many of the principles and agreements established in 1932 were used as a basis for future trade agreements, including the World Trade Organization and the North American Free Trade Agreement.

Overall, the Ottawa Agreement of 1932 was a landmark moment in the history of international trade. It helped to stabilize global markets, promote economic growth, and establish Canada as a key player in international trade. Its legacy still lives on today, as countries continue to negotiate new trade agreements and seek new ways to promote economic growth and stability.