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Advantages And Disadvantages Of Trans-Pacific Partnership

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Recommended: The benefits and potential drawbacks of the TPP

The Trans-Pacific Partnership (TPP) is an agreement between Canada and eleven other countries including USA various other pacific countries. In this agreement, the main objective is to increase free trade with those currently in the North America Free Trade Agreement (NAFTA), and to establish free trade with countries in the Asia-Pacific area. This agreement will allow Canada to strengthen its relations with these countries, as well as gain access to their markets. Becoming part of this agreement will certainly benefit Canada in various ways, and ultimately outweigh the disadvantages by a great amount.

One of the first ways in which Canada will benefit from this agreement is through its new foreign workers policy. Canadians, if they meet set requirements, will be allowed to work in other countries. Although some may argue that this policy goes both ways – meaning that foreign workers can now come to Canada and get jobs here – the policy ensures that if a country wishes to have its workers in Canada, they must invest a certain amount in our markets. In …show more content…

Industrial goods are the largest export in Ontario, meaning that in this sector, this is where Ontario is making most of its money. The Trans-Pacific Partnership will allow for most tariffs on these industrial goods to be removed, which in turn will “create market access opportunities for Ontario’s exporters across a number of industries” (“Trans-Pacific Partnership (TPP) - Advantages of The Trans-Pacific Partnership Agreement for Ontario”). Tariffs are generally used in order to restrict trade with foreign countries and to promote trade only with domestic industries. By eliminating import tariffs, as the Trans-Pacific Partnership strives to do, Ontario’s exports will become more competitive, which in turn will create a significant increase in opportunities for Ontario

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