Econ 101 Paper

In: Business and Management

Submitted By dhiraj01
Words 694
Pages 3
Trans Pacific Partnership:
A Balanced Approach To Agriculture

The Trans Pacific Partnership could be one of the most comprehensive trade agreements that the world has ever seen, opening up new opportunities for all 12 member nations. Many Canadian companies are excited about the deal, and perhaps the most intrigued industry is the Canadian agricultural industry. Some of the most beneficial aspects of the deal for Canada, come to the agricultural industry. In fact, Canada could simply not afford to be out on this deal. Many of
Canada’s current trading partners are involved in the TPP, so missing out on such an opportunity could have meant an eroding effect to several Canadian industries.

Today, Canada is the fifth largest exporter of agricultural products worldwide, and through this deal, Canadian exports will only rise. The TPP will reduce or eliminate several tariffs on agricultural imports for countries involved in the deal. This will provide countries with an incentive to buy more, now that Canadian products will be relatively cheaper. Gains from the elimination of tariffs, and enhanced market access for Canadian agriculture are especially significant in markets such as Japan. Japans tariff removal on 32% of its agricultural imports, allows Canadian agricultural products to be more feasible for the Japanese market. Considering the article in the Asian Economic Papers Journal, it’s evident that due to the combined operation of the income and substitution effects, the demand for Canadian agricultural products will rise across TPP nations (Cheong, 2013, pp. 144-167). This will result in a boost for the agricultural industry in Canada, creating more jobs for the betterment of the Canadian economy.

It’s interesting to note, however, why such an increase in demand would result from the elimination or reduction of import tariffs. The USDA’s…...

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