FPAC applauds royal assent of the CPTPP

The Ottawa, ON-based Forest Products Association of Canada (FPAC) said it applauds the Canadian government’s announcement that Bill C-79 – the Comprehensive and Progressive Agreement for T r a n s - P a c i f i c Partnership (CPTPP) — involving trade amongst Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam received royal assent.

FPAC says that being one of the first six countries to bring the agreement into force will ensure that Canada will maintain its competitive advantage in the region. “This agreement will bring real benefits to Canada’s forest products sector by eliminating tariffs, providing clear provisions to help settle disputes and prohibiting the unfair blocking of imports.”

Between 2012 and 2017, Canadian forest products exports to CPTPP member countries grew by 18% to over $C2 billion annually, with exports to Vietnam, New Zealand and Singapore growing the most by 312%, 90% and 89%, respectively. FPAC believes that by eliminating tariffs and strengthening trade relations with CPTPP countries, Canadian forest products exports have the opportunity to reach even greater heights.

www.fpac.ca.

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