Canada and Japan completed their third round of free trade talks today in Tokyo with Canada saying the talks are advancing.
Trade minister Ed Fast issued a statement from Tokyo claiming progress is being made and potential benefits for Canada through expanded trade are significant, including in key agricultural sectors.
“That is why we are deepening our economic relationship with Japan, the third-largest economy in the world, and we are pleased that progress is being made toward an agreement,” he said.
However, neither side has set a timetable for an end to the talks. Based on previous and concurrent trade talks, including with the European Union, they typically stretch over years.
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Meanwhile, both Canada and Japan are joining multi-lateral Trans-Pacific Partnership talks that include the United States and other Pacific Rim countries and may present a more lucrative opportunity for the Japanese.
A joint Canada-Japan report issued before talks began estimated a potential trade boost for Canada of at least $3.8 billion US per year if an agreement is reached.
Agriculture is a big part of the potential.
According to the report, food sector exports to Japan in 2010 were worth more than $3 billion, or more than one-quarter of total Canadian exports.
The best prospects for sector gains include cereals ($426 million in 2010), meat ($1.23 billion) and oilseeds, fruit, straw and fodder ($1.44 billion).
