Is new TPP deal good for Quebec?

Is new TPP deal good for Quebec?

Montreal (Quebec) 6 October 2015 – The new tentative agreement that has been signed by 12 countries to open up trade between Pacific Rim countries is for the most part a good one for the province of Quebec. Although the milk and dairy sector, including the poultry section has taken a 3.25% hit with the US, most of the major industries in Quebec will profit from the new deal. The deal still needs to be ratified by the participating countries.

Since Japan and some other Asian countries have agreed to lower their import taxes on pork, lumber/pulp and paper, aluminum, aerospace products and small fruit and maple syrup, Quebec becomes a big winner in the long run.

Quebec is the second largest producer of pork products in Canada, which exports $2.3 billion worth of pork and its by-products to the Pacific Rim countries.

Quebec is a large exporter of lumber and paper products producing 32% of the total Canadian production, second only to British Columbia.

Quebec is a major producer of aluminum and with a 7.5% reduction of import taxes from Japan and 5% less in Australia the doors are open for Quebec’s aluminum products.

Quebec is the sixth most important aerospace technologies (which includes aircraft parts) producing area in the world. It can now ship those products to Singapore for a lot less than before.

With the eradication of a 17.5% excise tax on maple syrup in Japan, Quebec can now export their product to that country which is the second largest market in the world for maple products. Quebec is also the second largest grower of Cranberries in the world with a strong blueberry production close behind.

This article does not go into great detail but describes just how beneficial a new trade deal can be important to certain industries in the province.

Categories: Business, News

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