RICHMOND – Richmond MLAs Teresa Wat and John Yap are expressing their support of the Trans-Pacific Partnership (TPP) Agreement, one of the largest and most comprehensive trade deals in the world.
“As Canada’s Pacific Gateway, British Columbia will benefit from increased trade generated by the Trans-Pacific Partnership Agreement which will support economic growth and job creation in the Mainland/Southwest region,” says Teresa Wat, Minister of International Trade and Minister Responsible for the Asia Pacific Strategy, and MLA for Richmond Centre. “From aerospace, to pulp and paper, to seafood and produce exports— the TPP is good for local businesses and consumers.”
“I feel the TPP is the most important trade deal Canada has entered since NAFTA,” says Brendan Harnett, CEO and chairman of Flying Fresh Air Freight in Richmond. “This agreement will double the size of our company within 5 years, and is very important to Canada in the long-term. It is even more important to BC, as we are so close to Asia both in trade and culture— we will expand in ways we cannot even imagine at this time. An additional benefit will be cheaper prices for consumers on imported products.”
The financial services sector will also benefit from the Trans-Pacific Partnership Agreement.
“The TPP recognizes the critical role that banks, insurance companies and other financial institutions play in the economy by including special provisions on financial services,” says John Yap, MLA for Richmond-Steveston. “Canadian service suppliers with investment in member countries will benefit from enhanced investment protection and access that’s on par with the best treatment provided to any foreign company.”
On April 14, the B.C. Legislature passed a motion in support of Canada’s ratification of the Trans-Pacific Partnership, to raise awareness of the many benefits the Partnership will have for our province.
As a result of the Trans-Pacific Partnership:
- B.C. exports are expected to increase by $508 million annually ($320 million in exports, $188 million in services).
- B.C. is expected to gain 2,500 jobs.
- B.C.’s GDP could increase by as much as $325 million annually.
For more detailed information on the Trans-Pacific Partnership, please visit: https://news.gov.bc.ca/factsheets/factsheet-trans-pacific-partnership-agreement-and-bc.