Earlier this morning an agreement was reached that is of truly historic significance and will have wide-ranging economic benefits for B.C.’s economy and many of our Members.
The Trans-Pacific Partnership is an international trade agreement between 12 countries, which represent 800 million consumers and a combined GDP of $28.5 trillion — or nearly 40 per cent of the world’s economy.
The new agreement will increase opportunities for Canadian businesses to trade with other TPP member countries, including the U.S., Mexico, Australia, Japan, New Zealand, Malaysia, Singapore, Vietnam, Chile, Peru, and Brunei.
This is particularly good news for businesses here in B.C. that export their products, given our role as Canada’s Pacific Gateway. The TPP will reduce regulatory barriers on major B.C. exports such as wood and forestry products, metals and minerals, and fruit and seafood. And it will also open up new markets for our small businesses to export to the global marketplace.
In addition, the TPP will provide improved access in areas such as financial, professional, architectural and engineering, research and development, environmental, construction, and transportation services.
From 2012 to 2014, B.C.’s merchandise exports to TPP countries averaged $20.6 billion, despite the presence of many existing impediments to trade. With this new agreement, that number will only go up, and we here at The Vancouver Board of Trade see enormous potential for our economy and for many of you, our Members.
For more on the Trans-Pacific Partnership and its benefits for B.C. and Canada, visit Foreign Affairs, Trade and Development Canada.
President and CEO, The Vancouver Board of Trade