Learn about CPTPP benefits for small and medium-sized enterprises
The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) commits to helping small and medium-sized enterprises (SMEs) take advantage of the agreement’s commercial opportunities. SMEs represent over 99% of Canadian businesses and almost 90% of all private sector jobs in Canada.
What’s in it for your business? CPTPP benefits cover a full range of Canadian industry sectors. The agreement opens opportunities in Australia, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. Once fully implemented, it will also provide benefits to Canadian companies doing business with Brunei, and Chile.
Benefits for SMEs
CPTPP can benefit Canadian SMEs by enhancing their ability to participate in and benefit from opportunities flowing from the agreement and international trade by:
- creating advantageous conditions for SMEs by eliminating tariffs on 99% of current Canadian exports to CPTPP countries and providing enhanced access for service providers
- offering a single set of high-standard rules for trade across the Indo-Pacific region, making trade more predictable, transparent and accessible
- addressing key challenges and barriers to doing business in the global marketplace, such as technical barriers to trade, the cost of which disproportionately affect SMEs
- enhancing market access for Canada’s services and financial services industries and providing a comprehensive set of investment protection measures backed by a robust mechanism for resolving investment disputes
- lowering costs of participating in international trade, including by the creation of new rules that address potential barriers to digital trade and protect the free flow of data across borders
- simplifying procedures for clearing goods through customs, including by making specific commitments to enhance transparency and make information available online for SMEs
- promoting fair business practices and creating a level playing field with enforceable rules on state-owned enterprises in CPTPP markets
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Grow your business with CPTPP
Whether you sell goods or services or you’re seeking new business partners in your supply chain, CPTPP can help you grow your global sales by:
- increasing competitiveness: With lower tariffs or no tariffs at all, it costs less to take Canadian products or services to the Indo-Pacific region, especially in markets where Canada previously faced high tariffs, such as Japan and Vietnam. Once CPTPP is fully implemented, 99% of CPTPP markets’ tariff lines will be duty-free
- providing access to new customers: CPTPP makes it easier for Canadian companies to reach markets in the Indo-Pacific and bid on opportunities with governments in CPTPP member countries
- making foreign markets more transparent and stable: CPTPP offers Canadian businesses better predictability, protection and transparency in the Indo-Pacific. The agreement promotes fair business practices and creates a level playing field with enforceable rules in the areas of international labour and environmental standards. CPTPP assists Canadian businesses by encouraging competition with large, commercial state-owned enterprises based on quality and price rather than discriminatory regulation or favouritism.
- removing barriers to trade: CPTPP reduces border-crossing delays to CPTPP member countries, which gets your product to market more quickly. Member countries are working to keep customs procedures simple, effective, clear and predictable to reduce processing times at the border and make the movement of goods cheaper, faster and more efficient. The agreement also protects the free flow of data across borders.
- improving access for services companies: CPTPP’s temporary entry provisions make it easier for certain highly skilled professionals, such as engineers and senior managers, to work temporarily in the Indo-Pacific. There’s also better predictability and transparency in several service sectors, including electronic commerce, financial services and telecommunications.
- getting ahead with support for SMEs: CPTPP includes a dedicated SME chapter to help them explore and navigate CPTPP markets and better position themselves for success.
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