by The Canadian Press
Who’s in the TPP: a look at Canada’s newest trading partners
It's time to get know the 11 other countries in the Trans-pacific Partnership
OTTAWA—Canada has agreed to sign the largest trade pact in history, but how much do Canadian’s know about our new trading partners? Here are some brief overviews of Canada’s fellow TPP countries:
Singapore: From 2012 to 2014, Canada exported an annual average of $1.2 billion in merchandise to Singapore. Key products are pearls, precious stones and beer. Under the TPP, the federal government says Canada’s service suppliers will benefit, including those in the engineering and architectural sectors.
Brunei: From 2012 to 2014, Canada exported an annual average of $12.8 million in merchandise to Brunei. Key products include industrial robotics and lumber products. Under the TPP, the federal government says Canadian service suppliers will get greater access to Brunei’s environmental and mining sectors.
New Zealand: From 2012 to 2014, Canada exported an annual average of $444 million in merchandise to New Zealand. Among the top exports to New Zealand from Canada are machine parts; meanwhile we buy mostly meats, beverages and spirits from the Kiwis. New Zealand wanted greater access to Canada’s dairy market under the TPP. The federal government says that under the TPP, Canada’s service industry will have more access to sectors like urban planning, integrated engineering, construction and transportation.
Chile: Canada and Chile already have a free trade agreement, the first one Canada negotiated with a South American country and signed almost 20 years ago. From 2012 to 2014, Canada exported an annual average of $1.3 billion in merchandise to Chile. The TPP is expected to improve opportunities for Canadian professional services companies, like engineering and architecture, computer and related services and mining services, according to Ottawa. Emerging sectors include aquaculture, aerospace and defence and forestry.
United States: From 2012 to 2014, Canada exported an annual average of $336.4 billion in merchandise to the U.S. The two countries enjoy the world’s largest trade partnership. Yet despite NAFTA, there have been disputes on everything from intellectual property rights enforcement, softwood lumber and meat labelling. Under the TPP, Ottawa says Canadian businesses will get greater access to sectors that include environmental services, transportation and consulting; the trade deal will also result in “significant supply chain benefits,” the federal government says.
Australia: From 2012 to 2014, Canada exported an annual average of $2.1 billion in merchandise to Australia _ in particular diesel-electric locomotives, yachts and even canoes _ while buying mostly meats, beverages and spirits from the Aussies. Australia too, like New Zealand, had hoped for more access to Canada’s dairy market to sell its cheese and butter here. The federal government says the TPP will help grow two-way investment between Canada and Australia.
Peru: Canada and Peru already have a free-trade agreement, signed in 2008. From 2012 to 2014, Canada exported an annual average of $725.5 million in merchandise to Peru. Key products include wheat, aircraft and legumes. Under the TPP, Ottawa says Canadian businesses will gain greater access to sectors that include legal services, accounting and bookkeeping services.
Vietnam: From 2012 to 2014, Canada exported an annual average of $423 million in merchandise to Vietnam. Key products are wheat, flax, pork , frozen halibut and mackerel and amusement park rides. Under the TPP, Ottawa says Canada’s service industry will have more access to the country’s business and environmental sectors.
Malaysia: Canada exported $787 million in goods to Malaysia on average from 2012 to 2014, with key products including polyethylene and mechanical excavators. We also sell a lot of potato products, ice cream and smoked salmon to the Malaysians. Under the TPP, Ottawa says there will be greater opportunities for Canadian service providers, including environmental services.
Mexico: From 2012 to 2014, Canada exported an annual average of $10.2 billion in merchandise to Mexico, with its growing middle class. Since the beginning of the North American Free Trade Agreement in 1994, bilateral trade between Canada and Mexico has more than quadrupled, reaching almost $34.3 billion Canadian in 2014. Key industries include aerospace, agriculture, automotive, construction, mining and metals and oil and gas.
Japan: From 2012 to 2014, Canada exported an annual average of $12.4 billion in merchandise to Japan, with its GDP of almost $5.1 trillion in 2013 and the world’s third-largest economy. Key products include nickel, furs, cosmetics, lumber products and frozen shrimp and snow crabs. Under the TPP, Ottawa says there will be greater opportunities for Canadian service providers, including in the urban planning, transportation, landscaping and research and development sectors.