Introduced at the Canadian House of Commons by Prime Minister Justin Trudeau, the implementation of the CPTPP will allow Canada to position themselves in key sectors and gain benefits in the export market.
According to analysis by Global Affairs Canada, Canadian pork exports to Japan are projected to increase by 36.2% to $639 million (m). In addition to increased exports, projected savings of $51m are expected due to tariff reductions on pork.
The implementation of the CPTPP legislation was pushed by Canadian politicians Francois-Philippe Champagne and Lawrence MacAulay.
“Minister Champagne has shown great leadership in advocating for the CPTPP,” said the Canadian Pork Council’s chairman Rick Bergmann. “Ensuring our industry has access to diverse and growing markets is more important than ever. We are asking all members of the House of Commons to quickly ratify this agreement.”
The CPTPP is a signed, but not yet ratified, trade agreement between 11 countries, Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.
The Council added that they believed it was imperative that Canada is among the first countries to ratify CPTPP.
The Canadian Meat Council also voiced its views stating that it was confident that the government fully understood all of the stated advantages of having CPTPP ratified as soon as possible and will continue to support the government with this.
The Canadian Meat Council added that the CPTPP has the potential to increase beef and pork sales by at least $500 million, which will create an additional 5,800 jobs in the Canadian meat sector.
Mexico has already ratified the agreement, with Japan and Australia expected to do so imminently. The remaining countries that are part of the agreement have all indicated that they aim to conclude their legislation process before autumn.