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Saturday, September 10, 2016

Not joining TPP will cost Canada billions in economic growth: report

One of the Canadian government’s own top economists has just published a paper advising the Trudeau Liberals that failure to sign onto a massive Pacific Rim trade accord would cost this country billions of dollars in economic growth.

André Downs, chief economist at the department of Global Affairs, says that joining the Trans-Pacific Partnership would generate long-term gains for the Canadian economy, expanding output by $4.3-billion. This would primarily come from better access to traditionally shuttered markets such as Japan.

Ottawa has remained noncommittal on the TPP, clinched while Stephen Harper was still in office, saying it wants to consult before taking a stand. International Trade Minister Chrystia Freeland has been seeking the views of Canadians since assuming her post in 2015 and has said it’s not her job to persuade anyone that the accord is a good deal.

The chief economist at Global Affairs says that remaining outside the TPP trade group would cost Canada an estimated $5.3-billion in lost economy activity. This would result from lost trade as other countries gain preferential access to major Canadian trading partners such as the United States and Mexico and steal some of Canada’s market share. This would still happen if Canada was party to the TPP but the losses would be offset by new trade access to other markets, the Office of the Chief Economist said...

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