FPAC Applauds the Royal Assent of the CPTPP

 

Forest Products Association of Canada (FPAC) on Oct. 26, 2018 applauded the Canadian government’s announcement that Bill C-79 – the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) involving Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam received royal assent.

Being one of the first six countries to bring the agreement into force will ensure Canada maintains its competitive advantage in the region. This agreement will bring real benefits Canada’s forest products sector by eliminating tariffs, providing clear provisions to help settle disputes, and prohibiting the unfair blocking of imports. The royal assent of this agreement reaffirms the Canadian government’s commitment to Canadian forest products companies and their 230,000 employees.

Between 2012 and 2017, Canadian forest products exports to CPTPP member countries grew by 18% to over $2 billion annually, with exports to Vietnam, New Zealand, and Singapore growing the most by 312%, 90% and 89%, respectively.

FPAC believes that by eliminating tariffs and strengthening trade relations with CPTPP countries, Canadian forest products exports have the opportunity to reach even greater heights.

"Getting this deal done provides real opportunity for our Canadian forest products sector and communities to further diversify markets," said FPAC CEO Derek Nighbor. "Congratulations to the House and Senate for moving swiftly and working across party lines, and to Minister Jim Carr and his team for delivering on this important commitment to our sector," Nighbor added.