The Canadian Life and Health Insurance Association (CLHIA), in Ottawa, is encouraged by Monday’s announcement that twelve countries, including Canada, have reached a tentative deal in negotiations for the Trans-Pacific Partnership (TPP).
The trade deal reduces or eliminates barriers in many sectors and sets new international trade standards in Asia, a fast-growing region, which will provide a framework should countries such as China join in the future.
The Canadian life and health insurance industry has an interest in the progression of these talks as it holds more than $728 billion in assets for their international operations in more than 20 countries throughout the world.
A TPP market that encompasses a gross domestic product of $28.5 trillion and nearly 800 million consumers offers great opportunities for economic growth, according to CLHIA’s announcement. This is especially the case for the Canadian life and health insurers, which are experiencing significant growth in their business overseas and have a particular interest in the Asia-Pacific region.
“As major exporters of life and health insurance products and expertise, retirement saving and wealth management, we have long been a strong proponent of free and transparent trade,” says Frank Swedlove, president and CEO of CLHIA, through a statement. “Canadians have a lot to gain from a TPP that encourages increased investment and strengthens Canada’s global competitiveness.”
— With files from Canadian Press