Canada announces 3% growth in CPTPP trades
Mary Ng, Canada’s minister of Small Business, Export Promotion and International Trade, has said that Canada saw nearly 3% growth in bilateral merchandize trades with all of its Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) partners in the first year of her country becoming a party to the free trade agreement.
The minister issued a statement on Monday, exactly one year after Canada entered the partnership.
“Over the first year, we have seen early signs of what is to come, with close to 3% growth in bilateral merchandise trade with all of our new free trade partners,” Ng said.
She explained that Canada’s small and medium-sized businesses make the backbone of the country’s economy as they generate valuable jobs for the middle class. She further stated the export diversification strategy of the government of Canada focuses on assisting these enterprises in growing and exporting to new markets and attracting investments.
“This ambitious and inclusive free trade agreement gives Canadian businesses preferential access to the Asia-Pacific region,” said Ng.
According to Ng, several sectors, like seafood, meat and fish, have witnessed a growth in exports to other CPTPP markets like Vietnam and Japan.
It should be noted here that the agreement has yet to be fully implemented.
Ng said on that, “Once fully implemented, the agreement will create new customers and opportunities for Canadian businesses in 10 countries in the Asia-Pacific region.”
She said that businesses in Canada now enjoy preferential access to 1.5 billion customers among the country’s free trade partners.
Saying that Canada knows trade works best when it works for everyone, Ng states that the Canadian government is therefore working hard to generate trade deals that include women entrepreneurs and assist them in overcoming the obstacles they have traditionally encountered, such as exporting, to succeed in business.
Ng’s full statement can be read on the Canadian government’s website, here.
Image credit - Eóin Noonan/Collision via Sportsfile (Source) (CC BY 2.0)
