VANCOUVER, BC – October 5, 2015 – The Asia Pacific Foundation of Canada congratulates Canada’s representatives on successfully concluding negotiations early this morning on the Trans-Pacific Partnership (TPP), the largest, most ambitious trade deal in the world, and urges the next Parliament of Canada to ratify this historic agreement.
The TPP lowers tariffs and sets common standards for 12 countries that represent a combined market of C$28.5 trillion, or 40 per cent of the global economy. The deal, which must still be ratified by legislatures in member countries, will deepen Canada’s trading relationships in Asia Pacific, a region that will represent two thirds of the world’s middle class and over 45 per cent of global GDP by 2030.
“Not only will this deal strengthen our trade relationships in the Americas, but it will give Canada access to markets in the more mature as well as the dynamic, developing economies of the Asia Pacific,” said APF Canada President and CEO, Stewart Beck. “With Asia’s evolving demographic profile, particularly its rising middle class, we know that consumption patterns are shifting to more discretionary goods and services. The TPP puts Canada in those markets, and on a level playing field with our friendly competitors, including Australia, New Zealand and, of course, the U.S.”
In addition to lowering regulatory barriers on major Canadian exports and opening new global markets to Canada’s small businesses, the TPP will also improve access for companies in the services sectors, including financial, environmental, construction and transportation services.
"The TPP further establishes rules of the road for new and developing areas of international exchange – including e-commerce and trade in services – and provides key measures to prevent state-owned enterprises from distorting markets," said Eva Busza, APF Canada's Vice-President, Research and Programs. "Canada’s involvement in setting norms and practices for these emerging areas ensures that we play a part in shaping the future character of global trade."
For more on the Trans-Pacific Partnership and its benefits for Canada, visit Foreign Affairs, Trade and Development Canada.
About the Asia Pacific Foundation of Canada:
The Asia Pacific Foundation of Canada (APF Canada) is a not-for-profit organization focused on Canada's relations with Asia. Our mission is to be Canada's catalyst for engagement with Asia and Asia’s bridge to Canada.
A leader in research and analysis on Canada-Asia relations for over 30 years, APF Canada partners with government, business leaders, academics, and opinion makers in Canada and across the Asia Pacific region to offer clear, specific, and actionable policy advice.
Established by an Act of Parliament in 1984, APF Canada's thematic priorities include: promoting trade, investment, and innovation; mobilizing energy assets; building skills and competencies; and, understanding Asia now.
Visit APF Canada at www.asiapacific.ca
For more information please contact:
Asia Pacific Foundation of Canada