Soy Canada supports a TPP agreement that improves access for Canadian Soybeans
Soy Canada is encouraged by the momentum building towards the successful conclusion of talks surrounding the Trans-Pacific Partnership.
Canadian ministers and several industry representatives arrived in Atlanta, Georgia, this week in an effort to reach a deal that will significantly impact the estimated $31.2 billion in annual Canadian exports to TPP countries.
“Soy Canada supports a Trans-Pacific Partnership agreement that eliminates tariffs on soybean products and provides stable and open trade between member countries,” says Jim Everson, executive director, Soy Canada.
The TPP provides an opportunity to eliminate tariffs on soybean products – such as soybean oil – in TPP member countries, including Japan where imported oil attracts significant tariffs.
Soybean production is increasing in Canada. Since 2008, soybean production has increased 80% to over 6 million tonnes, and stable export markets are essential to the industry’s continued export growth.
Much of this new production has been in Western Canada, which is well placed to benefit from improved access to TPP member countries, especially Japan, Singapore, Malaysia and Vietnam. These countries are already important markets for Canadian soybeans and soybean products.
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