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Prime minister Justin Trudeau, members of his cabinet, and several leaders of Canadian corporations are meeting with world leaders in Manila at the APEC (Asia-Pacific Economic Cooperation) economic leaders’ summit.
Canada is one of 12 countries among the 21 members at the APEC summit that are talking about details of the recently completed negotiations of the Trans-Pacific Partnership trade deal. However, Canada still hasn’t firmly committed to the deal that was negotiated by the previous Conservative Harper government.
Trudeau told business leaders in Manila that while his government will review the TPP, his government supports expanding trade with the rest of the world. “It’s great to create a leaders’ dialogue and talk about better collaboration and sign trade deals and partnerships, but if we don’t then follow up with investment, business ties, with job creation and strengthening economic exchanges, we are not doing the full work that we need.”
“We know that trade is fundamentally good for Canada and for Canadians. Exporting industries pay 50 per cent higher wages than non-exporting industries in Canada. We need to make sure that we are connecting with the world.”
Foreign affairs minister Stephane Dion and trade minister Chrystia Freeland are telling TPP allies that Canada’s new government is pro-trade but also that it intends to put the deal to a full consultation in Parliament.
Professor Marvin Ryder from the DeGroote School of Business gave CHCH News his take on Canadian subsidies to farmers under the deal, and concerns that Canada’s auto industry might become disadvantaged. “The compensation proposed for the farmers was actually ordered by cabinet. They had a cabinet meeting, this is the Harper cabinet. But that is fairly binding on the government, although I’d like to see the Liberals reaffirm that. That’s pretty solid.”
“Now the second bit of funding which is $1 billion for the auto sector to pay for transition to make it better prepared to compete against Japanese and other imports, that was an election promise by Harper. That wasn’t really a cabinet commitment. So again I would like to hear what Justin has to say on his commitment. I’m going to handicap it for you. I’m pretty sure they are going to approve TPP, assuming the United States and Japan both sign on.”
Ryder expects the Trudeau government to consult with special interest groups affected by the TPP trade deal and possibly offer money to industries that might be disadvantaged if Canada signs on to the agreement.
