Pork sector to benefit from CPTPP trade agreement
The partnership will generate $4.2 billion in long-term economic gains for Canada
By Kaitlynn Anderson
The Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) will bring growth to the Canadian economy, including its pork sector, according to a recent report by Global Affairs Canada.
“Canada’s pork sector can expect a significant increase in exports, tariff reductions and a more level playing field with other countries in this partnership,” when the eleven member countries begin trade under the new agreement, according to Wednesday’s Canadian Pork Council (CPC) release.
In fact, Canada is likely to see a 10.07 per cent increase in pork exports under the agreement, the government report stated.
This growth, which the government values at approximately $635.1 million, could benefit other aspects of the economy as well.
For example, the increased demand for Canadian pork could create jobs in both rural and urban communities, the CPC release said.
Overall, by 2040, the partnership could raise the country’s Gross Domestic Product by $4.2 billion, the government report stated.
In addition to Canada, the ten other CPTPP member countries include Australia, Brunei Darussalam, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.
Farms.com has reached out to the CPC for further comment.
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