Third Option
Encyclopedia
The Third Option was a proposal
Research proposal
A research proposal is a document written by a researcher that describes in details the program for a proposed. It is like an outline of the entire research process that gives a reader a summary of the information discussed in a project....

 from Canadian Secretary of State for External Affairs Minister Mitchell Sharp
Mitchell Sharp
Mitchell William Sharp, PC, CC was a Canadian politician and a Companion of the Order of Canada, was most noted for his service as a Liberal Cabinet minister. He had, however, served in both private and public sectors during his long career.-Background:Sharp was born in Winnipeg, Manitoba...

 in 1972 which would have reduced trade
Trade
Trade is the transfer of ownership of goods and services from one person or entity to another. Trade is sometimes loosely called commerce or financial transaction or barter. A network that allows trade is called a market. The original form of trade was barter, the direct exchange of goods and...

 and cultural relations between Canada and the United States and allowed for more diversification
Diversification
Diversification may refer to:* Diversification involves spreading investments* Diversification is a corporate strategy to increase market penetration...

 of bilateral
Bilateralism
Bilateralism consists of the political, economic, or cultural relations between two sovereign states. For example, free trade agreements signed by two states are examples of bilateral treaties. It is in contrast to unilateralism or multilateralism, which refers to the conduct of diplomacy by a...

 agreements.

Sharp's proposal was a clear rejection of the "status quo
Status quo
Statu quo, a commonly used form of the original Latin "statu quo" – literally "the state in which" – is a Latin term meaning the current or existing state of affairs. To maintain the status quo is to keep the things the way they presently are...

" and of closer relations with the United States. The proposal would have been achieved by "develop(ing) and strengthen(ing) the Canadian economy and other aspects of its national life and in the process reduce the present Canadian vulnerability.". However, the Third Option proposal eventually disappeared as the Mulroney government took over.

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