Canada's Coming Role as the Centre of the Universe

With all the other news going on, nobody seems to notice it, but it looks as though Stephen Harper is negotiating a free trade deal with the EU.

It makes tremendous sense. For Europe, the attractions to free trade with Canada are great. Canada has a lot of oil. Europe lacks a secure supply. This is not to mention Canada's other rich natural resources. And both Britain and France feel historic ties.

If it happens, Canada in turn would have a unique competitive advantage, as the only nation trading freely into both the European and North American markets. It would make great sense for companies from both zones to relocate production to Canada as a result. It also provides Canada with its historically-needed counterbalance to US dominance, filling the gap left by the dissolution of the British Empire. More than most countries, Canada lives by external trade. If we can boost trade with Europe, it will cushion us somewhat from our over-dependence on one market, that of the US.

Of course, it also helps Canadian consumers; and we are all consumers.

It is an exciting prospect, and one, I think, whose time has come.