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UK just announced joining the #CPTPP as a priority post- #Brexit – and that is good news for Canada according to our @DadeCWF @CanadaWestFdn . 1/7 #canadawest https://www.cbc.ca/news/politics/cptpp-trade-united-kingdom-nafta-1.5614470
Back in Jan 20th, I spoke with @AndyMBarr at @CanadaWestFdn’s Arthur J. Child Pop Up Policy event on the bilateral trade benefits for Canada and UK if the UK were to join the CPTPP. 2/7 https://twitter.com/CanadaWestFdn/status/1273025740867502080?s=20
Joining the CPTPP is a win-win for both Canada and the UK. It would help Canada strengthen the block and allow UK access to multiple markets that have already established, consistent rules of law. 3/7
The CPTPP creates net welfare and GDP gains for Canada. Adding the UK increases the size of those gains, further expands market and supply chain access in the Trans-Pacific block, as well as SME partnerships under the CPTPP. 4/7
UK is the fifth largest trading partner for Canada’s total two-way trade. Yet in our model with @DanCiuriak and @fsisoe, Canada is consistently one of the most under-traded partners for the UK. 5/7 https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3088624
UK-Canada under-traded areas include manufacturing, services, agricultural exports. The West may be an important market for UK in areas such as nuclear reactors, mechanical appliances, electronic machinery and equipment @westernproducer @Duckworthbj 6/7 https://www.producer.com/2020/01/brexit-looms-but-will-it-bring-trade-opportunities/
Canada already saw a 4% average growth in bilateral trade with UK after the CETA was signed in 2016. UK joining the CPTPP would not only preserve existing bilateral market access but boost trade in the above areas and enhance bilateral relations in geostrategic partnership. 7/7
