(Calgary, AB) February 5, 2016 – The Barley Council of Canada (BCC) welcomes the signing of the Trans-Pacific Partnership (TPP) and urges all signatories to ratify the deal at the earliest opportunity.
“The signing of the TPP brings us one step closer toward ratification,” said BCC Chair Brian Otto. “But there is still a lot of work ahead. Canada won’t feel the benefits of this historic deal until it is ratified.”
With a two-year ratification period, the clock is ticking to implement the deal. Six countries, representing a combined GDP of 85 per cent of the 12 signing countries, must approve the deal within a two-year period in order for it to be ratified. Once finalized, the TPP will encompass over 800 million people and nearly 40 per cent of the global economy.
“This agreement will bring additional market access opportunities and secure specific volume provisions,” said Otto. “There is no doubt about it, the TPP will have an enormous economic impact on Canada’s barley industry.”
Reduced or eliminated tariffs, mark-ups and country specific quota’s for feed and food barley, malt, and processed beef and pork products will enhance Canada’s access opportunities in all TPP countries. This will translate into an additional 400,000 to 500,000 tonnes of Canadian barley required to take advantage of the agreement terms. Barley producers alone can expect to earn up to an additional $100 million in increased annual revenue as a direct result of this agreement.
“The opportunity to grow Canada’s barley industry is there,” said Otto. “But if we don’t show up to the table and ratify this deal someone else will step up and meet the demand.While the signing of the TPP is a great first step, it is critically important that Canada move forward and ratify this agreement.”
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