Post various reports on how Trans-Pacific Partnership (TPP) will prove fruitful to countries like Vietnam, US and others…, a latest report by a law firm Dentons states that the TPP has lot of opportunities in store for Canada-based retailers as well.
The 12-nation (Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, United States and Vietnam) TPP will provide an opportunity to the retailers and manufacturers of Canada to capitalize on the reductions in the rates of duty, which will help them increase their overall exports as well as imports into the country.
Also Read – TPP to have ‘positive impact’ on retailers & consumers: NRF
According to Global Affairs Canada, the TPP’s textile and apparel Rules of Origin will make Canadian manufacturers more flexible in terms of sourcing options by enabling Canada’s access to trade with the other member countries as it will reduce and eliminate tariffs associated with textiles and apparel trading.
The report further states that the Short Supply List, in the TPP, gives exemption in the Yarn Forward Rule in situations where manufacturers are not able to source certain fibres and fabrics from within the TPP regions. There are 194 fibres and fabrics on the Short Supply List, however, some fibres and fabrics are listed as temporary and will be removed from the list five years after the TPP has taken effect.
