The Canadian government is in talks of creating the largest-ever regional trading bloc. If implemented, the following are some of the outcomes of the TPP agreement:
– Elimination or reduction of taxes on a range of products including pork, fruits, wines and spirits, canola, barley, machinery, minerals and forestry products.
– There will be more foreign car parts entering the Canadian market, which will be a good thing for producers and consumers but not for the autoworkers. Cars that have 45 per cent content from the TPP region will be allowed without tariffs.
– Canada’s dairy sector will remain protected and there will be an additional 3.25 per cent share of imports allowed.
– Under the TPP and the recent Canada-EU deal, farmers will be compensated for losses through a multibillion-dollar series of programs.
– There will be improved labour mobility for some high-skilled and business workers as well as new workers’ rights.
– Pharmaceuticals that include next-generation and cell-based biologics will have patent-style protections for eight years.
– The digital economy will have new rules and practices protecting it, including the prevention of national governments from cutting off data flows.
– Companies that are supported by the government will have to face new transparency rules and state-owned business will be put under more regulation.