THREAD: Back in January, we hosted @AndyMBarr at a Pop-Up-Policy event, where we discussed #Brexit as well as future opportunities for UK-Canada trade, including UK interest in joining the #CPTPP (which would benefit Western Canada). That official announcement was made today. https://twitter.com/CanadaWestFdn/status/1219336994410467328

Our @CarloDade spoke with @hayleywoodin from @BIVnews about the announcement and why it's even more important as we try to diversify trading partners. #cdntrade #cdnpoli https://biv.com/article/2020/06/uk-announces-plans-join-cptpp

CWF has long held the position that having the UK in the #CPTPP would greatly benefit western provinces for a number of reasons, including Canadian advantages over the US in attracting UK investment and as a more attractive base/regional HQ for biz needing to move professionals.

Example 1: Some potential investment would likely get pulled west (BC ports) to take advantage of growing trade with Asia- a benefit strictly for Canada as the US is not a part of the #CPTPP.

Example 2: The UK's bilateral agreement with the US won't cover movement of people, whereas CPTPP allows for free visa travel. Also, if UK firms want to establish ops in North America, it makes more sense to have HQ here- easier access to both #CPTPP and #NAFTA markets...

... even though UK is not part of #NAFTA deal. They wouldn't be able to access both markets if they were based out of the US, because again, the US is not part of the #CPTPP.

The #CPTPP growth from 13% to 16% of global trade with UK makes THIS alternative to #NAFTA more attractive for firms that trade in the Pacific, offering another reason to consider diversification from over-reliance on US and China (highlighted below) https://biv.com/article/2020/06/uk-announces-plans-join-cptpp

The #CPTPP also creates net welfare and GDP gains for Canada- and adding the UK increases the size of those gains. This can offset economic welfare and GDP losses for Canada caused by the new #NAFTA agreement that comes into effect on July 2. #cdntrade #cdnpoli

Canada is also the most under-traded partner for the UK and therefore, offers the most opportunities if the two countries came together in some sort agreement. See the paper that @SharonZYSun contributed to with @DanCiuriak
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3088624

Stay tuned for more on this in the future as this exciting development unfolds! #whatsgoodforthewest #cdntrade #cdnpoli