TORONTO and OTTAWA – The Prospectors and Developers Association of Canada and the Mining Association of Canada have both come out with support for the Trans-Pacific Partnership (TPP).
As the federal government sees it, the TPP would become the framework for trade between Canada and several Pacific Rim countries. Not only does it seek to lower trade barriers, but also would standardize intellectual property rights, enforce standards for labour and environmental law, and establish an investor-state dispute settlement process.
“Access to international markets is vital for Canada’s mineral exploration and mining industry,” says PDAC president Rod Thomas. “Canada’s exports of metals and minerals to TPP countries topped $158.6 billion per year from 2012 to 2014. Such a partnership is not only important for our industry, but also for Canada’s entire economy to have secure trading relationships with these countries.”
“Canada’s mining industry has been a strong advocate for liberalized trade and investment flows for many years,” stated Pierre Gratton, MAC’s president and CEO. “TPP, representing such a massive trade block, including critical emerging markets, is a trading partnership Canada must not risk being left out of.”
According to MAC, the TPP currently comprises 12 countries: the United States, Australia, Japan, Mexico, New Zealand, Singapore, Malaysia, Vietnam, Peru, Chile, Brunei Darussalam, and Canada. Together, these countries represent a market of nearly 800 million consumers and a combined GDP of $28.5 trillion – nearly 40% of the global economy.
Learn more about the TPP free trade agreement at International.gc.ca/Trade-agreements-accords-commerciaux/agr-acc/tpp-ptp/index.aspx?lang=eng.