What is the TTIP?

The TTIP is an abbreviation for the Transatlantic Trade and Investment Partnership. This comes from the EU trying to establish a trade and investment deal with the USA. The TTIP is being negotiated to help the US open up to opportunities from EU firms. It will come up with new rules regarding exporting, importing, and investing overseas.These new rules will allow for the provisions of energy and materials to be accessible. They'll protect people's rights and the environment while saving time and money on paperwork. The TTIP would be used to promote world trade rules and to generate more jobs and growth, offering people more choices to choose from. TTIP can benefit everyone in the world but to get it right we need to listen everyone's concerns and take them into consideration.

Source: http://ec.europa.eu/trade/policy/in-focus/ttip/about-ttip/

TPP's affect on Canada

Canada can greatly benefit from the TPP if it can come together with the remaining countries and create the deal without the U.S. Some of the positively effected industries are as follows:

Agriculture - The TPP eliminates most tariffs in the agriculture industry. For Canada, that means they can trade more products such as pork, beef, maple syrup, fruits and vegetables to other countries that were to expensive to prior.

Sea Food - The TPP fully eliminates tariffs on sea food (in 10-15 years), which gives Canada to opportunity to trade with countries such as Japan and Vietnam. Currently, these countries have very heavy tariffs on sea food that make it hard for Canada to export these goods.

Industrial goods - The TPP would eventually eliminate all tariffs on industrial goods. Some countries such as Vietnam have very high tariffs on certain metals (up to 40%). By eliminating these expenses, Canada could afford to trade with these countries.

There are a lot of things that can benefit Canada in the TPP. However, with the United States pulling out of the agreement, we will have to see if Canada can come together with the remaining countries and create a deal.

What will the TPP mean for China?

What will the TPP mean for china? The TPP is a pretty big deal since it’s the most important trade deal negotiated in over 20 years. According to China file “China has more recently dropped its blanket opposition, and taken a more nuanced “wait and see” attitude. On many occasions, Chinese spokesmen have indicated that although they were not ready to meet the demanding requirements of a potential TPP agreement today, they might be ready and willing to join in a few years.”

The TPP shows the United States and Japan exercising leadership and stepping out ahead of the global community in their willingness to negotiate new set of rules and obligation. What does this mean for china? It means that it is going to create the possibility that the future rule for the global economy will be written under predominant U.S. influence. This will make China incredibly uncomfortable, and it’s also putting pressure on china to come up with alternative that will be attractive to its neighboring countries while also serving its own country interest.