Politico recently released new details on a study conducted by the CanadaWest Foundation that is scheduled to be published next month. The study predicts the benefits of a TPP deal without the U.S. and what the other 11 countries should expect if it were to come to fruition.
While the deal would strength intra-regional exports by 2.43%, this increase in only two-fifths of the TPP’s full impact with U.S. involvement. The 11-country deal could raise real GDP by around 0.074%, and the 11 countries involved would gain an additional $16.6 billion in 2017 (compared to $40.7 billion with the U.S.).
Exports from the automotive products and business services sectors would benefit the most from the deal, with Western Hemisphere countries to see the biggest gains. For Canada, the deal would cause a boost in beef, fruits, vegetables, pork, and canola oil exports.
For the U.S., an 11-country TPP deal would transform the country’s projected $12.7 billion gain to TPP countries into a $3 billion loss.
This month, the Asia-Pacific Economic Cooperation (APEC) nations will have a series of meetings in Hanoi beginning on May 9th (Bloomberg). TPP delegates from involved countries are expected to discuss the future of the deal.
To stay up to date with the future of the TPP, follow Mercatura Global on Twitter, and keep an eye out for CanadaWest’s report that is set to come out later this month.