The Canadian Economy

Canada has a mixed free-market economy — one of the largest in the world. Canadians enjoy one of the highest standards of living globally. **Natural resources** Natural resources are fundamental to Canada's economy: • **Oil and gas** — Alberta's oil sands contain one of the world's largest petroleum deposits • **Mining** — Canada is a world leader in uranium, nickel, aluminum, potash and diamonds • **Forestry** — Canada has the world's third-largest forest area • **Fishing** — Canada has the world's longest coastline; fishing is important in Atlantic provinces and British Columbia • **Agriculture** — The Prairie provinces produce vast quantities of wheat and canola **Manufacturing and services** Ontario and Quebec have strong manufacturing sectors. The service sector — finance, real estate, retail, health care — is the largest employer. **Trade** The United States is Canada's largest trading partner. The Canada-United States-Mexico Agreement (CUSMA, formerly NAFTA) governs trade between the three countries. Canada also trades extensively with China, Japan and the European Union. **The St. Lawrence Seaway** Opened in 1959, this system of locks and canals allows ocean-going vessels to travel from the Atlantic Ocean to the Great Lakes — a distance of 3,700 km.