As the TPP deal nears to completion, we take a look at the major question regarding this deal which is important to Canada.
(1) Will this eliminate NAFTA?
It won’t eliminate NAFTA as such but the important parts will be superseded by the new agreement.
(2) How will it affect Canada’s auto sector?
It depends on the companies. Some of them are staunchly supporting the deal and pushing for Canada’s inclusion, however the auto workers’ union warns of potential job recession in this sector. Unifor estimates that the deal would kill of 24% of Canada’s auto jobs.
(3) Will there be more imports of foreign dairy?
Mostly it is certain that Canada would be opening up its dairy market that would be much more than the 2% share Europe got in the Canada-EU deal.
(4) Will drug and pharmaceutical prices go up?
Health advocates have alarmed over the leaked TPP draft that showed greater protection for pharmaceutical companies by U.S. demand. The U.S. has also pushed for longer exclusivity for the latest biologics treatment which is zero in some of the developing countries.
(5) Could this affect Canada’s election campaign?
It would definitely affect the election since there are many industries which are dependent on the TPP deal. The auto sector and agriculture industry have already shown their disinterest and opposition parties are being pressurized to reject the deal, by union and the Bloc. If the deal comes together in the coming week, Canada will provide the first electoral litmus test for the biggest trade zone in history.