News release: TPP increases trade opportunities for B.C. businesses
For Immediate Release
Oct. 5, 2015
VANCOUVER, B.C. — The Vancouver Board of Trade welcomes this morning’s announcement that the members of the Trans-Pacific Partnership (TPP) have successfully concluded negotiations on a historic free trade agreement in Atlanta, Georgia.
“The TPP will provide increased and privileged market access for Canadian exports, services and investments in one of the world’s most dynamic economic regions, which represents nearly 40 per cent of the world’s economy,” said Iain Black, President and CEO of The Vancouver Board of Trade. “The TPP is one of the most ambitious trade agreements in history, and as Canada’s Pacific Gateway, the deal promises to further deepen British Columbia’s trade ties in the dynamic and fast growing Asia-Pacific region,” added Black.
The 12 member countries of the TPP form a significant and strategic alliance of advanced and growing economies. The TPP market represents nearly 800 million consumers and a combined GDP of $28.5 trillion — nearly 40 per cent of the world’s economy. The agreement comprises some of the fastest-growing markets in the world, as well as two of the world’s three largest economies (the U.S. and Japan). From 2012 to 2014, B.C.’s merchandise exports to TPP countries averaged $20.6 billion, despite the presence of many existing impediments to trade.
“The TPP will further strengthen B.C.’s role in the global economy by reducing regulatory barriers on B.C. exports such as wood and forestry products, metals and minerals, and B.C. fruit and seafood,” said Black. “This is great news for our Members across Greater Vancouver, particularly for small businesses who export their products, because it will open new markets and trade opportunities for their businesses.”
The agreement will also provide improved access in areas such as financial, professional, architectural and engineering, research and development, environmental, construction, and transportation services.
The Trans-Pacific Partnership is an international trade agreement among 12 countries: Canada, the United States, Mexico, Australia, Japan, New Zealand, Malaysia, Singapore, Vietnam, Chile, Peru, and Brunei.
-30-
About The Vancouver Board of Trade:
Since its inception in 1887, The Vancouver Board of Trade has been recognized as Pacific Canada’s leading business association, engaging members to positively impact public policy at all levels of government and to succeed and prosper in the global economy. With a Membership whose employees comprise one third of B.C.’s workforce, we are the largest business association between Victoria and Toronto. We leverage this collective strength, facilitating networking opportunities, and providing professional development through four unique Signature Programs. In addition, we operate one of the largest events businesses in the country, providing a platform for national and international business and thought leaders to further enlighten B.C.’s business leaders.
Media contact:
Greg Hoekstra
Communications Manager
The Vancouver Board of Trade
604-640-5450 | media@boardoftrade.com