Why TPP matters to BC

By Teresa Wat 

The importance of signing on to the Trans-Pacific Partnership agreement cannot be overstated for its potential impact on our provincial economy and the jobs created for British Columbians because of it.

This trade agreement between Canada and 11 other member countries is one of the largest and most-comprehensive trade deals to ever be established.

B.C. has long pressed the federal government for better access to Asia Pacific. We are pleased to have the Canada-Korea Free Trade Agreement, Canada's first with an Asian trading partner, and now, through the TPP, better access to key markets in Japan and Southeast Asian trading partners Vietnam, Malaysia, Brunei and Singapore.

Being part of the TPP means that B.C.'s high-quality goods and services will be on equal footing in a marketplace with 800 million people. B.C.'s key economic sectors will be more attractive to potential investors, and our economic relations with some of our biggest trading partners, like Japan and the United States, not only remain solid, but can flourish under the deal.

Had Canada been left out of the agreement, our job creators, our exporters and our manufacturers, would be cut off from selling advantageously to millions and millions of new customers around the globe. Our economy would suffer.

Already, one in five jobs is generated in B.C. as a result of exports, so greater access to markets through this agreement will strengthen job creation from trade.

Sectors like fish and seafood, agriculture, forestry, technology and manufactured goods – where tariffs are high and will now be reduced or eliminated – will be winners from the deal once ratified.

For example, tariffs on B.C. salmon, halibut, herring, crabs and geoduck will be eliminated as a result of the TPP. Tariffs on blueberries, fresh and frozen vegetables, pork and icewine will also be eliminated, making these quality products affordable in countries where the tariffs put them out of the price reach of most consumers.

Other products such as beef will see a dramatic reduction in tariffs in many TPP countries.

Canada has obtained new access for agricultural goods and offered some new access for supply managed products into Canada, striking a balance between protecting the supply management system and reaching a deal.

We are pleased to hear that Canada has also announced four new programs to support supply managed producers throughout the period of TPP's implementation. These programs include income protection for 10 years after TPP goes into effect, protection against reductions in quota value, a modernization program to help producers stay competitive and a marketing program to help producers promote their products.

All of this is great news for B.C., and we're committed to ensuring we seize the opportunities coming from this deal.

I will be leading a trade mission to Vietnam in November and look forward to being the first trade minister from a Canadian province to visit Southeast Asia since the signing of the agreement.

This will be an excellent chance to promote new opportunities created under the TPP and encourage B.C. and Vietnamese companies to work together to develop new partnerships and opportunities for trade.

One of the events I'll be attending is a cooking demonstration at the Canadian Food Festival in Ho Chi Minh aimed at promoting B.C. seafood. Selling our great tasting seafood on the international stage has always been a rewarding job, but I'm going there knowing it's just about to become a whole lot easier with this deal.

I look forward to reviewing the TPP in more detail in the coming days and sharing information on the expected benefits for British Columbians as it becomes available.

Teresa Wat is B.C.'s minister of international trade.