The Mining Association of Canada (MAC) has given its full support to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), with Canada having agreed to sign the partnership alongside 10 other member nations on 8 March.
Canada’s mineral and metal exports to Trans-Pacific Partnership (TPP) countries has increased in recent years, with Japan being Canada’s fourth largest export market.
With this in mind, those within the Canadian mining industry stand to benefit greatly from the CPTPP, with a number of these countries currently applying significant tariffs to mineral and metal imports:
“Canada is a trading nation, our economy fundamentally buttressed by access to global markets,” said stated Pierre Gratton, President and CEO, the Mining Association of Canada. “We strongly support Canada's participation in the CPTPP, and we are hopeful that the deal is signed in the near future. This massive trading block is not only important to our sector, which requires access to new and emerging markets, but for the Canadian economy writ large.”
The agreement will also seek to address challenges posed to the movement of labour, products and services across borders, enabling the Canadian mining industry to remain competitive globally.
“The rest of the world continues to look to Canada as a leader when it comes to mining,” Gratton said. “Part of maintaining that global leadership is ensuring that Canada's mining and supply sectors have access to modern and comprehensive trade and investment vehicles to meet the world where it does business.”
The TPP represents over 494mn people and over $10tn of GDP – equating to 13% of global GDP.