June 29, 2016 Standing Committee on International Trade 6th Floor 131 Queen Street House of Commons Ottawa, Ontario K1A 0A6 via email:
[email protected] Dear Committee Members: In recent months, there has been a great deal of debate about the Trans-Pacific Partnership Agreement (TPP) and what it means for Canada. The federal government has committed to a study of the agreement’s potential impacts on the Canadian economy; however, to date nothing has been made public, and we have been told no such study yet exists. How can the government possibly sign onto a massive international trade agreement without knowing the impacts it will have, or the potential consequences for the Canadian economy, the public and the environment? In fact, it would be irresponsible to proceed in this way. A genuine and independent economic impact analysis that considers all the implications of this agreement should be mandatory. Possibly one of the reasons for this failure to do an impact study is that the government knows full well that any benefits from the TPP will be marginal at best, while the damage done will be serious. A 2016 study from the C.D. Howe Institute predicts that the macroeconomic impact of the TPP on the Canadian economy would be a mere 0.068% growth in GDP by 2035. Perhaps even more interesting is that the study predicts only a 0.026% drop in GDP by 2035 if Canada does not ratify the TPP. This mirrors the recent US International Trade Commission’s study that showed that the TPP will increase the US trade deficit and will have almost no positive impact on the US economy.