Soy Canada Urges Federal Government to Adopt New TPP-11 Agreement
Ottawa, ON – This week Soy Canada called on the federal government to act quickly and implement the Trans-Pacific Partnership (TPP) agreement with remaining TPP countries.
“The Asia-Pacific region is a growing export market for Canadian soybeans and many other grains and oilseeds,” said Ron Davidson, Soy Canada’s Executive Director. “The Canadian government has a real opportunity to lead TPP negotiations, encourage other countries to adopt the treaty, and secure preferential trade access for Canadian exporters.”
Many of the previously-negotiated terms in the TPP agreement are beneficial to the soybean value chain. The elimination of import tariffs on both soybeans and value-added soy products such as oil and meal are priorities for industry stakeholders. The existing TPP framework establishes mechanisms for addressing trade barriers associated with biotechnology approvals, the regulation of new plant breeding technologies, and pesticide maximum residue levels.
“The withdrawal of the U.S. from the treaty also serves as a major opportunity for our industry,” said Davidson. “Free trade access to Pacific Rim countries, particularly Japan, will significantly increase our competitiveness against non-TPP nations.”
A significant portion of Canadian soybean exports are shipped to TPP nations. In 2016, approximately 600,000 tonnes, or 12 percent of total soybeans exports, were shipped to the other 10 TPP countries at a value of over $432 million. Over the last five years, the value of exports to these markets have increased by over 18 percent.
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