Matthew Kronby, a partner in the firm’s trade practice based in Toronto, and John Weekes, a senior business adviser in the Ottawa office, have combined to author a major report on the Trans-Pacific Partnership (TPP) trade agreement issued by the Business Council of Canada on December 21. While U.S. President-elect Donald Trump has made clear he wants the United Sates to withdraw from the deal other countries led by Japan would like to persuade Trump to change his mind. While it is unlikely that the TPP will come into force anytime soon it is still important to understand what was negotiated.
“With the election of Donald Trump, the TPP is in limbo: without support from the US, it cannot be implemented. But regardless of its final status, the experience of negotiating a comprehensive, multi-country agreement holds important lessons for Canada. The agreement improved on the NAFTA in many ways and offers insights should there be a NAFTA renegotiation.
This report lays out the history of the TPP, including its economic impact and place within the international trading system. It highlights what was in the TPP for Canadian businesses and lays out, chapter-by-chapter, some of the most important differences between the TPP and Canada’s existing obligations under NAFTA.
Finally, the paper identifies next steps for Canadian trade policy in a world without the TPP. There are significant opportunities to boost Canada’s trade relationships in the Asia Pacific region. These include negotiating a bilateral Canada-Japan free trade agreement, building a stronger economic relationship with China, and proposing a free trade agreement with the Association of South-East Asian Nations (ASEAN).”
The full report can be found on the Business Council of Canada website.