Entering into the Trans-Pacific Partnership (TPP) trade agreement could be worth up to $15.7 billion in exports by securing new Asia-Pacific trading partners, according to a Fraser Institute study released September 5.
Canada and the Trans-Pacific Partnership: Entering a New Era of Strategic Trade Policy says the agreement could also play a significant role in securing present and future trade agreements, as well as decreasing dependence on the United States.
"With the Conservative government signalling that international trade is a top priority, the TPP offers a chance for Canada to gain a foothold in the prosperous and growing Asian markets and move the country away from trade dependence on the United States," said Laura Dawson, Fraser Institute international trade specialist and report co-author.
"Participating in the TPP is also important to safeguard Canada's current trade agreements, particularly NAFTA."
The TPP trade agreement would secure a trade alliance between Canada and:
- Australia;
- Brunei;
- Chile;
- Darussalam;
- Japan;
- Malaysia;
- Mexico;
- New Zealand;
- Peru;
- Singapore;
- the United States; and
- Vietnam.
These countries represent a combined economy of more than $27 trillion, or 35% of total global GDP, and one-third of global trade.
