The Trans-Pacific Partnership, a 12-nation trade agreement that was reached today, could open new opportunities for Manitoba's agricultural sector, Canadian government officials say.
Countries in the trading block, of which Canada is a founding member, will enjoy a significant drop in tariffs nearly across the board.
Manitoba's merchandise exports to TPP-member countries averaged $9.3 billion annually from 2012 to 2014, according to Foreign Affairs, Trade and Development Canada, which says the new agreement will eliminate tariffs on almost all of the province's key exports and open access to opportunities in the Asia-Pacific region.
Information posted online by the federal department touts the TPP's main advantages for the province, including:
- Duty-free market access for many agricultural and agri-food products such as canola, feed wheat, frozen french fries, dried peas and beans, feed barley and honey.
- Enhanced market access commitments for pork, food wheat, food barley, and malt.
- Duty-free market access for wood, pulp and paper products.
- Duty-free market access for most industrial goods, including metals and minerals, plastics and chemicals.
- Commitments to "improved market access" for "temporary entry of highly-skilled Canadian business people.
The 12 countries in the TPP are Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, United States and Vietnam.
Source : CBC