CALGARY, AB November 3 – Canada is at risk of falling behind on Asian trade if it does not join the remaining Trans-Pacific Partnership (TPP) countries in pushing ahead with TPP11 at the upcoming Asia Pacific Economic Cooperation (APEC) meeting in Vietnam, says trade expert Carlo Dade.
Prime Minister Justin Trudeau confirmed he is traveling to Vietnam and the Philippines from November 6-14, and will be attending the APEC Leaders’ Meeting in Da Nang. Talks among remaining TPP countries (the TPP11) have been going on all summer with the goal of an announcement in Vietnam. Yet the Canadian government remains largely mute on the deal. Canada West Foundation released modelling earlier this year that shows that Canada does better in TPP11 than the original deal.
“With the U.S. leaving TPP, the Americans are essentially exiting the game and pushing their chips across from the table to us,” said Dade, director of the Canada West Foundation’s Trade & Investment Centre. “This equates to hundreds of millions of dollars a year in exports for Canada.”
A renewed TPP is critical to Canada’s trade agenda, particularly in making gains in Asian markets such as Japan. Canada, which has only one trade agreement in Asia, cannot afford to miss out, said Dade.
APEC is the most important forum for Asian trade and Canada needs to signal that it is standing with Asian economies that want open trade. TPP11 gives Canada one set of rules for 10 markets, something the U.S. cannot duplicate with bilateral deals. U.S. companies looking to take advantage may look to move production to Canada, said Dade.
Canada West Foundation trade expert Carlo Dade, director of the Trade & Investment Centre, is available to comment.
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