September 12, 2016
Official Opposition Trade critics Hon. Gerry Ritz, Randy Hoback and Dave Van Kesteren issued the following statement on the Government of Canada’s Economic Impact Study of the Trans-Pacific Partnership on the Canadian economy.
“This study only confirms what we have been saying all along, which is that ratifying the TPP will help grow the Canadian economy and that being left out of this historic agreement would be catastrophic for our global supply chains and lead to job losses,” said Randy Hoback, the Conservative Vice-Chair of the House of Commons International Trade Committee. “After thousands of pages of testimony in the trade committee, the Minister’s own separate consultation tour and now a full economic analysis of the impact of the agreement, on top of the comprehensive consultations and trade committee study under our previous government, the Liberals really have no more excuses to avoid making a decision.”
“It is imperative for Canadian exporters that the Liberal government do the right thing now and join our TPP partners in preparing to ratify the agreement this fall,” said Hon. Gerry Ritz, Opposition critic for International Trade. “Any further delay from the Minister of International Trade on getting the TPP across the finish line goes to show that this government would rather play politics with Canada’s foreign trade policy while putting Canada’s economy and future growth at risk.”
“With one in five Canadian jobs directly linked to exports, expanding Canada’s market access throughout the world is crucial for our agriculture, manufacturing, resource and service industries,” said Dave Van Kesteren, Conservative deputy critic for International Trade. “Ratifying the TPP will send a clear signal to Canadian businesses, allowing exporters the opportunity to prepare and take advantage of this preferential market access.”
The TPP represents a market of almost 800 million consumers with a combined GDP of $29 trillion. The Government of Canada’s Economic Impact Study reports that the TPP is projected to boost Canada’s GDP by $4.3 billion by 2040. Being left out of the TPP would lead to GDP losses of $5.3 billion. Canadian automotive production and investment would both decline by 4 percent, while Canadian beef and pork exports to Japan would fall by more than 66 percent and 13 percent respectively.