After much confusion, it appears a deal between the 11 countries remaining in the Trans Pacific Partnership (TPP) negotiations have not come to an agreement. The countries were scheduled to meet this week on the sidelines of the Asia-Pacific Economic Cooperation summit in Vietnam.
The Canadian Agri-Food Trade Alliance (CAFTA) is disappointed that Canada was not able to reach an agreement in principle.
“We’re disappointed an agreement has not been reached but are optimistic that our government will enable Canadian exporters to have competitive access to the Asia-Pacific in the near future,” said CAFTA President Brian Innes. “We will continue to press our federal government to achieve an agreement at the earliest possible opportunity. We need this deal in order to remain globally competitive.”
The organization has continued to press for a renewed TPP agreement, particularly since Canada became the second largest economy involved after the U.S. dropped out.
“It’s crucial that we get back on track with this one – and do it quickly,” Innes said. “Not doing so will be extremely costly – losing opportunity overseas and economic growth and jobs here at home."
Japan is Canada’s third-largest agri-food market, and competitors including the EU, Australia and Chile have already locked down free trade deals.
"We remain hopeful that the federal government recognizes how a TPP11 agreement is important to grow agri-food exports," commented Innes.