American and Canadian Industry Today Research Paper

American and Canadian Industry Today - Research Paper Example While the recent economic recess across the globe affected the United States financial sector to a great extent and consequently, also affected the American industries, Canada on the other hand, has proved to be promising and capable enough to continue with its industrial progress. However, in the post economic recess era, while the US industries are showing the potential to retain their lost glory, collaboration and mutual support between both nations, in terms of resources and technologies have proved to be positive. The boon of globalization has provided both nations with scope to support each other so that the process of survival becomes easier in the highly competitive business scenario. While respective industrial prosperity of both Canada and US is dependent on export and import between these two nations, financial cooperation between United States and Canada has not shown much positivism since last few years. However, with the intention to make the situation better in terms of respective financial assistance in February 2010, Prime Minister of Canada Stifen Harper and President of the United States Barack Obama made cooperative deal which focused on exploring avenues of free trade among the two countries and for the public works the reciprocity in gove rnment procurement programs. It is quite clear from governmental policies of both these nations that they are providing a greater deal of importance over the aspect of mutual coexistence in terms of trade and financial assistance, compared to earlier times. It has been realized by either of the nations that the process of mutual cooperation is continued, it will be quite challenging for them to retain position of their industries in the highly competitive market. The United States of America is known as the high ranked nation is all the prospective. Who’s GDP is one of the highest among the developed nations ( $ 14.266 trillion