Exporting to Asia-Pacific? Learn more about CPTPP
This guest blog post is provided by the Business Women in International Trade (BWIT), a program within the Trade Commissioner Service (TCS) at Global Affairs Canada, which supports Canadian women entrepreneurs as they pursue opportunities in international markets.
March 8, 2018 marked a milestone for Canadian international trade, with Canada signing the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). CPTPP is a free trade agreement between Canada, Australia, Brunei, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. Currently, these member countries are in the midst of completing domestic procedures to ratify the free trade agreement. For Canada, these procedures require introducing legislation to Parliament and making regulatory changes.
The free trade agreement will enter into force 60 days after six of the countries have notified the depositary (New Zealand) of their completion of ratification procedures. Upon entry into force, CPTPP will reduce or eliminate over 95% of all tariffs between member countries.
This is great news for Canadian small and medium-sized enterprises, as tariff reduction and elimination will offer increased access for Canadian businesses to trade with key Asia-Pacific markets, totalling approximately 500 million consumers and a combined GDP of $13.5 trillion.
Projected to provide yearly tariff savings of $428 million for Canadian exporters, the free trade agreement will expand Canadian businesses' exports in sectors such as beef, pork, vegetable oils, wood products, motor vehicles and parts, machinery and equipment, and services.
CPTPP also encourages member countries to consider undertaking initiatives focused on enhancing the ability of women workers and business owners to fully benefit from the advantages of the agreement. These initiatives include exchanging information and experiences on various topics, such as programs aimed at helping women build their skills and capacity; enhancing their access to markets, technology and financing; developing women's leadership networks; and identifying practices related to workplace flexibility.
Interested in exporting to Asia-Pacific? The Canadian Trade Commissioner Service (TCS) is here to help you succeed in foreign markets! With trade commissioners in Canada and across the world, we help Canadian companies take advantage of free trade agreements, such as CPTPP, and achieve their goals abroad. Apart from assessing companies' market potential, we help companies prepare for international markets by providing market intelligence, qualified contacts, and partnership opportunities in order for them to make timely and cost-effective business decisions.
To learn more about how CPTPP tariff reductions and increased access to Asia-Pacific markets can help grow your business, make sure to check out the Global Affairs Canada website for updates. If you are a woman business owner looking to export and leverage CPTPP, be sure to subscribe to the Business Women in International Trade (BWIT) monthly e-news for tips, tools and events to help you internationalize and make the most of the free trade agreement.
BWIT and the TCS can work with you on an ongoing basis to help you prepare for international markets, assess your market potential, find qualified contacts and resolve market access problems. In addition to trade missions, BWIT offers other enhanced products and services to support Canadian women entrepreneurs, including a robust website where you will find an export-readiness quiz, an active BWIT LinkedIn group and a monthly and annual newsletter.
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