Pros and Cons of Canada Joining Trans-Pacific Partnership
Trans-Pacific Partnership is a trade block that seeks to bring together countries from the Asian continent with those in the South and North America, especially those sharing the pacific coastline. The partnership was initiated by a total of four countries including Brunei, Chile, New Zealand, and Singapore. However, since its establishment in the year 2005, the number of interested parties has increased to the current 12 countries. As of late 2013, countries such as Canada, United States, Vietnam, Mexico, Malaysia, Peru, Japan and Australia had indicated interest to join the pioneer countries in the partnership. Being a member of this partnership has been under consideration for a number of countries. Economists, politicians, and socialists have given their take on possible repercussions of being a partner in Trans-Pacific Partnership. Therefore, it is imperative to evaluate the possible pros and cons of Canada joining Trans-Pacific Partnership. The possible merits and demerits revolve around the keys developmental pillars of economic, sociocultural, political, and environmental.
Pros of Canada Joining Trans-Pacific Partnership
Expansion of Market
According to an analysis by Office of the United States Trade Representatives, 2013, the expected market size for the total negotiating countries in the partnership attends at 793 million customers. The Gross Domestic Product for the twelve countries involved in the Trans-Pacific
CANADA JOINING TRANS-PACIFIC PARTNERSHIP 3
Partnership is estimated to be over US$ 28.1 trillion by the year 2012. This value is reported to have been a share of over roughly 39 percent of the total world Gross Domestic Product. Therefore,...
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Field, A. (2013). Will Canada’s gains from the upcoming Trans-Pacific Partnership wind up being given away to the U.S.? Association of Canadian Port Authorities. Retrieved April 23, 2014 [http://www.canadiansailings.ca/?p=7538]
Office of the United States Trade Representatives. (2013). The Trans-Pacific partnership: economic benefits. Office of the United States Trade Representatives. Retrieved April 23, 2014 [http://www.ustr.gov/about-us/press-office/fact-sheets/2013/December/TPP- Economic-Benefits]
Zhang, M. (2013). Trans-Pacific partnership: A trade agreement you should care about. International Business Times. Retrieved April 24, 2014 [http://www.ibtimes.com/trans- pacific-partnership-tpp-trade-agreement-you-should-care-about-1425468]
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