Published on : Friday, April 5, 2019
Canada hopes to diversify trade away from its southern neighbours with this step and help counterbalance a heavy historical reliance on U.S. consumers. Some industries are expected to benefit greatly like wheat and barley exports, pork, beef and wood products, to name a few, although the full economic impact is not known so far. Recent government figures point out that the agreement could save Canadian exporters as much as $428 million per year.
Canada remains well positioned to boost its trade relationships. The country continues to enjoy a positive global reputation, which is important for making it an attractive trade partner.
Robust trade relations will also have a direct impact on tourism, which is among Canada’s largest and healthiest industries. Vancouver, the gateway to the Asia-Pacific, has experienced its fourth consecutive year of growth; in 2017, the city welcomed 10.3 million visitors, according to Tourism Vancouver. Many from the Asia-Pacific region contributed to this surge.
Warmer trade relations with the Asia Pacific can only benefit Canada’s tourism industry and its economy.
Tags: CPTPP