Canadian Soybean Sector Enthusiastically Welcomes CPTPP
Ottawa, ON – The Canadian soybean sector enthusiastically welcomes the successful conclusion earlier today of negotiations for the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP).
“Soy Canada strongly appreciates the commitment and perseverance of the Canadian government toward the historic achievement of a positive outcome of the landmark CPTPP negotiations,” said Soy Canada Chair Mark Huston. “The elimination of all import tariffs on soy products as well as the comprehensive framework of rights and obligations applicable to the use of technical measures will provide invaluable support to Soy Canada’s target of a doubling of production to 13 million tonnes by 2027,” added Huston.
Canadian soybean production continued its rapid growth in 2017, expanding by 18% and reaching a historic high of 7.7 million tonnes. Soybeans already constitute a major crop option for farmers in Ontario, Manitoba and Quebec. In Saskatchewan, soybean acreage exploded from 240,000 acres in 2016 to 850,000 acres in 2017. Soybean acreage is expanding in Alberta while in Prince Edward Island, New Brunswick and Nova Scotia, soybeans are already an established crop.
“The absence of Canadian participation in the landmark CPTPP would have constituted a serious impairment to the growth and competitiveness of this country’s rapidly expanding soybean sector and jeopardized the futures of farm families, workers and communities across the nation,” said Ron Davidson, Soy Canada’s Executive Director. “Not only is Asia already the largest export destination for Canadian soybeans, increased sales to CPTPP countries are crucial to the continued growth of the sector,” added Davidson.
In 2016, Canadian soybean exports were valued at $2.8 billion. Of this amount, $432 million (600,000 tonnes or 12 percent of total exports) were shipped to CPTPP countries. The elimination of import tariffs in Japan, Malaysia, Singapore and Vietnam will greatly improve the competitiveness of soybean and soybean product exports. In addition, soybean meal is a major component of livestock rations and the CPTPP includes significant enhancements in access to member country markets for Canadian meat products.
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For further information contact:
Ron Davidson Chris Masciotra
Executive Director Director, Corporate Affairs