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Benefits of the CPTPP for Prince Edward Island

The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) is a trading block that represents 495 million people with a combined gross domestic product of CAD $13.5 trillion – a full 13.5% of global GDP.  Through the CPTPP, Canada will soon have preferential access to half a billion consumers in the world’s most dynamic and fast-growing market – a move that will strengthen Canadian businesses, grow the economy, and create more well-paying jobs for middle class Canadians.

Main advantages for Prince Edward Island

Prince Edward Island – Asia-Pacific trade snapshot

Top Prince Edward Island Merchandise Exports to CPTPP Markets (2015-2017 average)

Pie chart of Prince Edward Island’s top exports to CPTPP countries (2015-2017 average)
Text version

Top Prince Edward Island Merchandise Exports to CPTPP Markets (2015-2017 average)

  • Total: $65,069,860
  • Fish and Seafood: $20,262,134
  • Aerospace: $14,604,388
  • Agricultural Goods: $11,010,349
  • Consumer Electronics and Appliances: $7,124,084
  • Medical Goods: $5,748,092
  • Industrial Machinery: $3,161,941

Opening new markets for exports from Prince Edward Island to Asia-Pacific countries

The elimination of tariffs will help make exports from Prince Edward Island more price-competitive in CPTPP markets. Examples of Prince Edward Island products that will benefit from improved access include the following:

Fish and seafood products

Lobster

  • In Japan, tariffs of up to 5% will be eliminated upon the Agreement’s entry into force.
  • In Malaysia, tariffs of up to 8% will be eliminated upon the Agreement’s entry into force.
  • In New Zealand, tariffs of up to 5% will be eliminated upon the Agreement’s entry into force.
  • In Vietnam, tariffs of up to 34% on prepared lobster will be eliminated within three years.

Mussels

  • In Japan, tariffs of up to 10% will be eliminated upon the Agreement’s entry into force.

Oysters

  • In Japan, tariffs of up to 10.5% will be eliminated upon the Agreement’s entry into force.
Agricultural and agri-food products

Frozen and prepared potatoes (including french fries and potato chips)

  • In Japan, tariffs of up to 13.6% on prepared potatoes will be eliminated within three years for frozen french fries and within 10 years for other potato products.
  • In Vietnam, tariffs of up to 34% on prepared potatoes will be eliminated within four years.
  • In Malaysia, tariffs of 8% on prepared potatoes will be eliminated upon the Agreement’s entry into force.
  • In Australia, tariffs of up to 5% on prepared potatoes, including french fries, will be eliminated upon the Agreement’s entry into force.
  • In New Zealand, tariffs of up to 5% on prepared potatoes, including french fries, will be eliminated upon the Agreement’s entry into force.

Fresh and frozen blueberries

  • In Japan, tariffs of up to 9.6% on frozen blueberries and up to 6% on fresh blueberries will be eliminated upon the Agreement’s entry into force.
  • In Vietnam, tariffs of 30% on frozen blueberries will be eliminated within two years and tariffs of 15% on fresh blueberries will be eliminated upon the Agreement’s entry into force.
  • In Malaysia, tariffs of 5% on frozen and fresh blueberries will be eliminated upon the Agreement’s entry into force.
Aerospace products

Aerospace goods

  • In Australia, tariffs of up to 5% will be eliminated upon the Agreement’s entry into force.
  • In New Zealand, tariffs of up to 5% will be eliminated upon the Agreement’s entry into force.
Life sciences products

Life sciences goods

  • In Malaysia, 97.8% of tariffs applied to life sciences products will be eliminated upon the Agreement’s entry into force, with the remaining tariffs being eliminated within five years.
  • In Vietnam, 94.8% of tariffs applied to life sciences products will be eliminated upon the Agreement’s entry into force, with the remaining tariffs being eliminated within 10 years.
  • In Australia, 98.7% of tariffs applied to life sciences products will be duty-free upon the Agreement’s entry into force, with the remaining tariffs being eliminated within four years.
  • In New Zealand, 97.4% of tariffs applied to life sciences products will be duty-free upon the Agreement’s entry into force, with the remaining tariffs being eliminated within seven years.
  • In Brunei, 94.8% of tariffs applied to life sciences products will be duty-free upon the Agreement’s entry into force, with the remaining tariffs being eliminated within seven years.

Opening new markets for exports of services from Prince Edward Island to Asia-Pacific countries

The CPTPP provides Prince Edward Island’s services suppliers with greater predictability and enhanced market access across a broad range of sectors, including the following:

Prince Edward Island enterprises that engage in electronic commerce as a means of trade will benefit from trade rules such as the prohibition on applying customs duties to content transmitted electronically, and ensuring the protection of online personal information.

Improving temporary entry for business people

The CPTPP will improve labour mobility for highly- skilled business persons, making it easier for professionals from Prince Edward Island to provide expertise in CPTPP markets. In particular, the CPTPP facilitates the temporary entry of Canadian business visitors, intra-corporate transferees, investors, highly-skilled professionals, technicians, as well as the spouses of some of these Canadian business persons—contributing to greater certainty and predictability for prospective business entrants.

Reducing non-tariff barriers

The CPTPP includes enforceable provisions to help secure market access gains for Canadian exporters so that exporters are not undermined by unnecessary measures that restrict trade, such as technical barriers to trade or sanitary and phytosanitary measures. As a result, the CPTPP will create a more predictable trading environment for Canadian exporters, without compromising the ability of the government to protect the health and safety of Canadians or safeguard animal and plant health. 

Expanding access to government procurement

The CPTPP establishes clear rules to ensure that Canadian suppliers of goods, services and construction services have access to open, fair and transparent processes when bidding for procurement contracts in CPTPP countries. The Agreement expands government procurement commitments with existing free trade agreement partners, including Chile and Peru, and secures new access to procurement opportunities in Australia, Brunei, Malaysia and Vietnam.

Facilitating two-way investment between Prince Edward Island and the Asia-Pacific region

The CPTPP’s investment rules will provide greater stability and protection for investors, while preserving the rights of the federal and provincial governments to legislate and regulate in the public interest. In areas such as energy, mining, manufacturing, financial services and professional services, Canadian investors will enjoy transparent and predictable access to CPTPP markets. Strong rules will ensure that investors from Canada are treated in a fair, equitable and non-discriminatory manner, allowing them to compete on an equal footing with other investors in CPTPP countries. Canadian investors will also have access to a fair and transparent investor-state dispute settlement mechanism.

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