Early in the NAFTA saga, I assumed Canada’s banks would be feeling some heat.
Robert Lighthizer, the United States Trade Representative, included financial services on his initial long list of complaints, noting specifically that the U.S. desired improved access to the Canadian market.
And why wouldn’t it? After years of watching Toronto-Dominion Bank, Bank of Montreal and Royal Bank of Canada advance on their turf, the reopening of the North American Free Trade Agreement provided an opening to bust a hole in the ownership rules that protect the Oligopoly from international takeover.
Then I looked at the submissions the USTR received during its public consultation process.
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