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British Columbia and International Trade Agreement Negotiations October 30, 2013 Janel Quiring, Director International Trade Policy Unit Ministry of International Trade
Outline Why is trade important to British Columbia? Liberalizing trade and investment through the negotiation of trade agreements. Canadas international trade agreements. Canadas current international trade agreement negotiations and potential benefits for British Columbia.
Why is Trade Important to British Columbia? 3 Trade fuels economic growth: Increased demand. Economies of scale. Imports. Economic growth maintains and generates employment. British Columbia is a small, open market economy that is reliant on trade and investment for economic growth and employment.
Trade Liberalization Trade liberalization improves the conditions for trade, leading to increased trade flows and economic growth. The negotiation of free trade agreements is a proven method of liberalizing trade and investment. TILMA and NWPTA.
Trade Liberalization and the NAFTA Experience
Canada has implemented FTAs with these countries Canada is in negotiation or exploration talks with these countries Canadas Free Trade Agreements Canada-EU CETA TPP Canada-Japan EPA Canada-India CEPA Canada-Korea FTA
Ministry of International Trade TIB Service Plan Open markets and attract investment. British Columbia Trade and Investment Representatives in the US, Europe, China, India, Japan and Korea. Trade agreement negotiations are key to the Ministry successfully delivering its service plan. Increase exports, develop international partnerships and attract investments Overseas offices Investment attraction Export development Trade agreement negotiations
Canada-EU CETA 10 On May 6, 2009, Canada and the European Union (EU) announced the launch of negotiations toward a Comprehensive Economic and Trade Agreement (CETA). The EU is the worlds largest single common market, foreign investor and trader with 27 Member States, a total population of over 500 million and a GDP of $17.4 trillion. A Canada-EU joint study indicates that an CETA could result in a 20% boost to bilateral trade and a $12 billion increase to Canadas annual GDP.
Canada-EU CETA British Columbia-EU Trade and Investment 11 In 2012, the European Union ranked as the Provinces fifth largest export market with goods exports of $1.8 billion. BC services exports to the EU in 2011 amounted to $1.3 billion. The European Union is a significant source of foreign direct investment into the Province.
Canada-EU CETA Benefits for British Columbia 12 Priority sectors: agrifoods (seafood), mining, forestry and clean technology. Negotiations objectives: Reduce/eliminate tariff and non- tariff barriers. Improve access for BC services exporters. Open up government procurement opportunities in the EU to BC vendors. Bilateral trade, job opportunities, government revenue and two-way investment all expected to dramatically increase.
Trans-Pacific Partnership Canada joined the Trans- Pacific Partnership (TPP) in October 2012. Combined economy of $27 trillion, nearly 35% of global GDP and 1/3 of global trade. A study by the Fraser Institute shows that the TPP could increase Canadian exports by $15.7 billion and result in income gains of $9.9 billion for Canada. Strategic agreement for Canada.
Trans Pacific Partnership British Columbia-TPP Trade and Investment BC goods exports to TPP economies amounted to $18.9 billion in 2012. BC services exports to TPP economies amounted to $7.2 billion in 2011. BC is actively courting investment from TPP member economies in sectors such as mining and natural gas.
Trans Pacific Partnership Benefits for British Columbia Priority sectors: forestry, agrifoods, technology, mining and natural gas. Negotiation objectives: Reduce/eliminate tariffs and non-tariff barriers. Improve access for BC services exporters. Improve investment protections and access. BC goods exports expected to increase.
Canada-Japan EPA Japan is British Columbias 3 rd largest export market ($4.1 billion in 2012). Strong, long-standing trade and investment relationship. Priority sectors: Forestry, mining, agrifoods, natural gas, international education and technology. Negotiation objectives: Reduce/eliminate tariffs. Improve access for BC services exporters. Eliminate trade restrictive sanitary and phytosanitary measures.
Canada-India CEPA BC goods exports in 2012 - $322 million. India is one of the worlds fastest growing markets. Priority sectors: Forestry, mining, natural gas, agrifoods, international education, transportation and technology. Negotiation objectives: Reduce/eliminate tariffs. Improve access to government procurement. Improve access for BC services exporters.
Canada-Korea FTA Korea is BCs fourth largest export market (BC goods exports in 2012 - $1.9 billion). Priority sectors: Forestry, agrifoods, mining, natural gas, international education, transportation and technology. Negotiation objectives: Regain market share. Reduce/eliminate tariffs. Improve access for BC services exporters. Eliminate trade-restrictive sanitary and phytosanitary measures.
British Columbia is a small, open market economy that is dependent on trade and investment for economic growth and employment. The negotiation of trade agreements is a proven method of liberalizing trade and investment. British Columbia supports Canadas ongoing trade agenda, especially in BC Jobs Plan priority markets such as the EU, TPP, Japan, India and Korea. Conclusion 19
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