The Trans-Pacific Partnership: Opportunities for Canada
1. Introduction
The Trans-Pacific Partnership (TPP) is a free trade agreement between Canada and 11 other countries in the Asia-Pacific region: Australia, Brunei, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, Vietnam and the United States. The TPP will create a single market for goods and services across the 12 countries, making it easier for Canadian businesses to sell their products and services in TPP markets. The TPP will also reduce tariffs, making imported goods and materials more affordable for Canadian consumers and businesses.
The TPP is the largest free trade agreement in history. Together, the 12 countries involved in the agreement account for nearly 40% of global GDP. The TPP will create a single market with a combined population of 800 million people.
The TPP is an important part of Canada’s trade strategy in the Asia-Pacific region. The region is home to some of the world’s fastest-growing economies and is expected to account for half of global economic growth over the next decade. By signing the TPP, Canada is strengthening its ties with key trading partners in the Asia-Pacific region and positioning itself to take advantage of the region’s continued economic growth.
2. What is the Trans-Pacific Partnership?
The Trans-Pacific Partnership (TPP) is a free trade agreement between Canada and 11 other countries in the Asia-Pacific region: Australia, Brunei, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, Vietnam and the United States. The TPP will create a single market for goods and services across the 12 countries, making it easier for Canadian businesses to sell their products and services in TPP markets. The TPP will also reduce tariffs, making imported goods and materials more affordable for Canadian consumers and businesses.
The TPP is the largest free trade agreement in history. Together, the 12 countries involved in the agreement account for nearly 40% of global GDP. TheTPP will create a single market with a combined population of 800 million people. Canada’s existing free trade agreements cover about 27% of world GDP; when combined with the TPP this will increase to over 60%.
TheTPPis an important part of Canada’s trade strategy in the Asia-Pacific region. The region is home to some of the world’s fastest-growing economies and is expected to account for half of global economic growth over the next decade. By signingtheTPP, Canada is strengthening its ties with key trading partners in the Asia-Pacific region and positioning itself to take advantageof theregion’s continued economic growth. In additionto reducing tariffs,theTPP will also liberalize investment rules, set common standardsfor online commerce, strengthen intellectual property protections,and establish new mechanisms to resolve disputes between investorsand governments. These provisions will make it easierfor Canadian businesses to operate inTPPmarketsandwill open up new opportunitiesforCanadian companies doing business inthesemarkets. For example,theagreementwillallowCanadian banks and insurance companies greateraccess toTPPmarkets,andwill make it easierforCanadian companies to bid on government contracts inthesemarkets. TheTPPwill also provide new opportunitiesforCanadian agricultureand agri-food producers by opening upmarketsthathave been closed offby high tariffs. In particular,theagreementwillopen upnew marketsforbeef,pork,wheat,barley,can
Hello, and processed foods.
3. The economic case for the TPP
The TPP is the largest free trade agreement in history. Together, the 12 countries involved in the agreement account for nearly 40% of global GDP. The TPP will create a single market with a combined population of 800 million people. Canada’s existing free trade agreements cover about 27% of world GDP; when combined with the TPP this will increase to over 60%.
The TPP is an important part of Canada’s trade strategy in the Asia-Pacific region. The region is home to some of the world’s fastest-growing economies and is expected to account for half of global economic growth over the next decade. By signing the TPP, Canada is strengthening its ties with key trading partners in the Asia-Pacific region and positioning itself to take advantage of the region’s continued economic growth. In addition to reducing tariffs, the TPP will also liberalize investment rules, set common standards for online commerce, strengthen intellectual property protections, and establish new mechanisms to resolve disputes between investors and governments. These provisions will make it easier for Canadian businesses to operate in TPP markets and will open up new opportunities for Canadian companies doing business in these markets. For example, the agreement will allow Canadian banks and insurance companies greater access to TPP markets, and will make it easier for Canadian companies to bid on government contracts in these markets.
4. The environmental case for the TPP
The TPP includes a range of environmental provisions that will help protect the environment and promote sustainable development. For example, the agreement includes a commitment by all 12 countries to implement the International Convention for the Control and Management of Ships’ Ballast Water and Sediments. The convention will help prevent the introduction and spread of harmful aquatic species through ships’ ballast water, which can have devastating effects on local ecosystems. The TPP also includes a commitment by all 12 countries to phase out their use of harmful fisheries subsidies, which can lead to overfishing and depletion of fish stocks.
5. The security case for the TPP
The TPP is an important part of Canada’s broader security strategy in the Asia-Pacific region. The agreement will help solidify Canada’s relationships with key trading partners in the region and will provide Canadian businesses with greater certainty when operating in the region. The TPP will also help address security challenges in the region, such as maritime security and terrorism.
6. Conclusion
The Trans-Pacific Partnership is a significant opportunity for Canada to deepen its trade and investment ties with key partners in the Asia-Pacific region. The agreement will create new opportunities for Canadian businesses, and will provide Canadian consumers with greater choice and lower prices. The TPP is also an important step in Canada’s efforts to promote sustainable development and protect the environment.