Canadian Soybean Industry to Benefit from Trans-Pacific Partnership
The Government of Canada today announced the successful conclusion of negotiations regarding the TransPacific Partnership, an international trade agreement worth billions to the Canadian economy and of particular importance to the agriculture and agrifood export sectors.
“The TPP is a very good agreement for Canada’s soybean sector,” says Jim Everson, Executive Director of Soy Canada. “The agreement provides an open, predictable and competitive environment for our producers and exporters in key Pacific Rim countries.”
The agreement will reduce and eliminate all tariffs on soybean products exported to TPP countries. This includes existing tariffs on soybean oil in Japan, Australia, Malaysia and Vietnam, as well as tariffs on soybean meal entering Vietnam.
Soy Canada Chairman and Ontario soybean producer, Mark Huston, adds, “Soybean production is increasing rapidly in Canada, creating new opportunities for producers and industry. Guaranteed, predictable access to important Pacific Rim markets as outlined in the TPP will help further stimulate this growth.”
The TransPacific Partnership will now face a legal review, translation, approval of full text, and requires ratification in each of the 12 member countries before being brought into force.
Soy Canada is the national commodity association representing the full soybean value chain in Canada including farmers, exporters, processors and seed companies. Canadian farmers produced 6.04 million tonnes of soybeans in 2014 earning $2.4 billion in farm cash receipts; Canada’s 3rd most valuable crop.
For more information, contact:
Executive Director, Soy Canada