Trans Pacific Partnership
February 2, 2018
The Canadian Chamber of Commerce has had a positive response to the agreement that secures Canada’s continued participation in the comprehensive and progressive Trans Pacific Partnership agreement.
“At this point, we’re still waiting for the details of the agreement, including specifics regarding Canada’s automotive sector,” states Perrin Beatty, President and CEO of the Canadian Chamber. “However, the fact that these eleven countries are committed to taking down trade barriers provides a powerful and positive message about the future of global trade.”
Asia Pacific, the fastest growing region in the world, presents new opportunities for Canada and our engagement is vital for our trade-dependent nation. Free trade is a vital engine for growth.
The Chamber encourages the Canadian government to work towards an agreement that benefits the Canadian economy, mindful of those sectors and regions that might be adversely affected.
Chamber Urges Caution on BOC Interest Rate Increase
Following the announcement of a 0.25 per cent increase in the prime lending rate, the Canadian Chamber of Commerce is urging the Bank of Canada to be cautious about future increases.
While Canada’s economy is strong, the Chamber remains concerned about slowing growth, looking ahead in 2018 and into 2019. Further rate increases, motivated in part by government policies that drive up the cost of living, could negatively impact consumer spending as well as Canada’s housing market.
This would only worsen challenges facing Canadian businesses, including the need to address the increasing regulatory burden on companies, the uncertainty about the future of NAFTA and other important trade agreements and opportunities, and the persistent lag in business investment across the country.