Sunday, November 26, 2017

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.

3 comments:

  1. Despite the United States pulling out of this agreement, I agree that Canada should try and make a deal with the remaining countries in the Trans Pacific Partnership. The elimination of some tariffs in the agriculture, sea food, and industrial goods along with the ability for Canada to trade with new countries like Vietnam, makes coming to an agreement very important for their economy.

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  2. If Canada does go through with agreement it will defiantly help their economy. i do hope that they go through with this agreement. This is something to keep our eyes on.

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  3. Canada created a separate agreement with the EU last year to circumvent the long TTIP discussions between the EU and the US as well. The US has not wanted to cave into demands from the EU about genetic modification in agriculture/food, but Canada had no problem with the terms. I suspect that our neighbor to the north will continue to wait on the TPP signature until the NAFTA agreements are signed and sealed. PM Trudeau cannot afford to irritate the US too much!

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