The future of the global economy is in the Asia Pacific. The region is home to many of the world’s fastest-growing economies and is already responsible for 46 per cent of global GDP and 34 per cent of global exports. But with trade liberalization under attack and protectionism on the rise, free trade agreements with Asian powerhouses become even more important, particularly for trading nations like Canada.
The Asia Pacific Foundation of Canada recently published its 2019 CPTPP Tracker which presents an early assessment of the first year of implementation of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, which entered into force on December 30, 2018 amid an already-protracted trade war between the United States and China that has compromised Canadian trade expansion.
The Tracker monitors, analyzes, and forecasts trends and opportunities in Canada’s international trade and investment relations with its CPTPP partner countries, providing an invaluable tool to government policy-makers and business decision makers.
Key findings of the 2019 CPTPP Tracker include:
- Canadian exports to CPTPP countries totalled C$19B in the first nine months of 2019, a decline of three per cent over the same period in 2018.
- Canadian exports to CPTPP countries are highly concentrated with the top three export markets (Japan, Mexico, and Australia) accounting for 82 per cent of Canada’s total CPTPP exports.
- Animal products, machinery, and mineral products are the fastest growing export sectors for Canada within the CPTPP.
- In the first nine months of 2019, Canada’s imports from CPTPP countries increased by C$2.6B, or 4.9 per cent, compared to the same period in 2018.
- The provinces of Ontario, British Columbia, and Quebec saw the greatest value from the CPTPP in the first nine months of 2019, with C$5.1B, C$4.2B,and C$3.4B, respectively, in exports to CPTPP member economies.
- In the first nine months of 2019, British Columbia’s exports saw the greatest decrease with a decline of C$536M (11%) over the same period in 2018, with Saskatchewan facing the second largest decrease (C$151M, or 7%) and Quebec facing the third largest decreased (C$132M, or 4%).
Click here for the full report.