Trans-Pacific Partnership advantages for P.E.I. outlined by Ottawa
TPP eliminates tariffs on prepared lobster and potatoes
The government of Canada released information Monday on how the new Trans-Pacific Partnership will affect Prince Edward Island.
The TPP includes 12 countries bordering the Pacific. The government notes P.E.I. did $651.7 million in trade with those countries in 2014, and the value of that trade has been growing since 2011.
Some of the tariff cuts in the trade deal are quite large. Tariffs into Vietnam for prepared lobster are currently 34 per cent, and will drop to zero over the course of three years.
Others due to be eliminated are relatively small. The tariff on prepared lobster in Japan is five per cent. It is also five per cent for frozen french fries in Australia and New Zealand.
While the government release outlines the total value of P.E.I. exports to the TPP region, and breaks those numbers down by sectors, it does not provide a breakdown of how much the province is exporting to each of the countries.