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Ottawa, October 1, 2015— The Canadian Services Coalition strongly supports the successful conclusion of the TPP negotiations. Services are the fastest growing part of the Canadian economy, accounting for 70% of Canadian GDP and 4 out of 5 Canadian jobs. From finance and insurance, engineering, technology, consultancy and an amazing array of other fields, Canada has highly competitive, successful service companies. In fact, the Conference Board of Canada has calculated that services account for 44% of Canadian exports when their contributions to supply chains are recognized. Three out of the five fastest-growing Canadian exports over the past decade were financial services, computer services and management services. These leading edge Canadian jobs exist because services exporters are highly educated; 64% have post-secondary education compared to 54% in manufacturing, and the average wage in tradable services is 37% higher than in manufacturing.

The TPP is important to our members because the barriers to trade in services are complex. They range from a complicated web of regulations and red tape to rules that won’t let companies send business data back to Canada - falsely believing they can fence in the Internet.  Canadian companies face risks to their investments and intellectual property. They worry about having to compete with companies that have an unfair advantage because of subsidies or biased regulations. Canadian service exporters need transparency, so that they understand the rules of operating in a foreign country as well as a level playing field ensuring the same treatment as domestic companies. And because people are the core asset of the sector, their employees must be able to temporarily enter a country to sell their services and fulfill a contract.

By tackling these problems, the TPP will significantly improve the business environment for Canadian services companies.

It’s time for governments to come together and sign the Trans-Pacific Partnership, to boost trade with 12 countries in the world’s fastest growing region—one that covers 40% of the world’s GDP and one-third of global trade. We believe that the TPP will expand opportunities for our members, it will protect our investments and it will create jobs for Canadians.

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The Canadian Services Coalition (CSC), supported by the Canadian Chamber of Commerce, provides the voice on the importance of the services sector both domestically and internationally by actively promoting a supportive domestic and international regulatory environment to encourage growth; by increasing awareness of the need for better services sector metric; and, by providing Canadian views on the liberalization of service markets.

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Contact:

 

G. Will Dubreuil
Director, Public Affairs and Media Relations
613.797.1860
gdubreuil@chamber.ca