For research on disputes between foreign investors and host countries, consult the Law Library`s guide to international investment law. For research on transnational commercial disputes between private parties, see the Law Library`s guide to international commercial arbitration. However, many economists do not believe that trade balances are primarily the result of trade policy, reflecting instead public borrowing, private investment and saving decisions, and international capital flows. The second parallel agreement is the North American Environmental Cooperation Agreement (NAAEC), which established the Commission for Environmental Cooperation (CEC) in 1994. The CEC`s mission is to improve regional cooperation on the environment, reduce possible trade and environmental conflicts and promote the effective application of environmental legislation. It also facilitates cooperation and public participation in efforts to promote the conservation, protection and enhancement of the North American environment. It consists of three main elements: the Council (Minister of the Environment), the Joint Public Advisory Committee (JPAC) and the Secretariat, headquartered in Montreal. It has an annual budget of $9 million, with Canada, Mexico and the United States contributing $3 million per year, and is governed by a consensus (non-majority). The Liberal Party of Canada has traditionally supported free trade.  Free trade in natural products was a central theme of the 1911 Canadian legislative election.
The Conservative Party ran an election campaign with anti-American rhetoric, and the Liberals lost the election. The issue of free trade did not reach this level of national celebrity in Canada for many decades. Since the global financial crisis, the United States and Canada have maintained accommodative monetary policy. Early on, however, the Bank of Canada (OTO) raised its overnight interest rates three times until September 2010 at a target rate of 1% to limit demand. It maintained its rate at 1% until 2015, when it lowered it twice, by 25 basis points to 0.5% in January and July. BOC raised the policy rate twice in 2017 and once (so far) in 2018 to the current rate of 1.25%. .