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Understanding the future of Canada-UK Trade

Funder: UK Research and InnovationProject code: ES/S008500/1
Funded under: ESRC Funder Contribution: 7,282 GBP

Understanding the future of Canada-UK Trade

Description

The close cultural and economic links that exist between the United Kingdom and Canada provide a number of opportunities post-Brexit for the investigation of how the two countries may be able to expand their existing trade relationship. According to Statistics Canada1, in 2017 the total trade between Canada and the United Kingdom amounted to approximately 27 billion Canadian dollars making the United Kingdom the 4th largest single trading partner for Canada, after the United States, China and Mexico. Future policies for expanding trade between both countries can benefit from the opportunity to consider a Circular Economy approach. A Circular Economy is an economic exchange that integrates social, economic and environmental sustainability. Instead of the traditional linear economy of extraction, production, distribution and consumption with significant waste generated in the process, a Circular Economy leads to energy savings and waste elimination by reducing, recycling, remanufacturing and upcycling production. Encouraging trade relationships designed to create a Circular Economy for both trading partners will contribute to their own sustainability goals. However, the measures required for such a transformation may challenge existing social, institutional, and technological norms. In this context, understanding the balance between costs and benefits becomes increasingly important to justify changes. Researching to find the gaps in our current knowledge of trading relationships and the impact of a Circular Economy approach will assist in determining what that balance might be and what future measures should be taken.

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