Trade ministers from 12 Pacific Rim countries are meeting Tuesday in Hawaii to begin four days of intensive negotiations on what is being called one of the biggest trade deals in history.
The Trans-Pacific Partnership, or TPP, is a proposed international trade agreement being negotiated among a dozen countries: Canada, the United States, Mexico, Australia, Japan, New Zealand, Malaysia, Singapore, Vietnam, Chile, Peru and Brunei.
The GDP of the 12 nations involved in the talks totals more than $27 trillion.
The U.S. government touts the TPP as a deal that will eliminate tariffs 鈥渁nd other barriers鈥� to trade, while facilitating the development of production and supply chain among member countries.
The full text of the TPP has not been made public, but the deal purportedly covers everything from food products to cars. It also addresses policy issues such as labour rights.
Adam Taylor, former adviser to Canada鈥檚 International Trade Minister Ed Fast, says as negotiations get underway in Hawaii, Canada will be at the 鈥減remier table鈥� for the 21st century, in one of the most strategically important regions: the 鈥渇ast-growing鈥� Asia-Pacific.
Canadian exporters across key sectors of the economy will have 鈥減referential access鈥� to a large group, which is 鈥渁 net positive for Canada,鈥� Taylor said in an interview on CTV鈥檚 Canada AM on Monday.
鈥淭he exports, growth and jobs that will come from it, is truly beneficial to our country.鈥�
In practical terms, Canadians consumers could see lower prices at the checkout counter, as a result of more industry competition.
鈥淲e鈥檝e always seen that with trade, when you have greater selection and more options, then prices fall,鈥� Taylor said.
But as the deal reaches its 鈥渆nd game,鈥� Taylor said 鈥減olitically sensitive鈥� matters must be addressed by the ministers.
鈥淎griculture sensitivities鈥� are prevalent for nearly every country at the table, Taylor said, and Canada is no exception.
that the deal will leave their tightly controlled system of governance vulnerable.
In late June, Prime Minister Stephen Harper said Canada would defend the supply management system as it pursues the trade deal.
Each country involved 鈥渉as to put some water in their wine,鈥� in order to strike a deal, Taylor said. 鈥淎nd this is the time to do it.鈥�
However, Canada will have to ask itself whether it can afford not to be part of the deal, he added.
鈥淚 think if the answer is that Canada must be at the table, then I think you鈥檒l see some concessions made in some of our sensitive areas,鈥� Taylor said.
With a federal election looming, Taylor said each party leader will need to 鈥渟how their hand鈥� and declare their position on TPP.
鈥淐anadian businesses want to know where each party stands on such a blockbuster deal that鈥檚 key for the future of our country,鈥� he said.
