PCC is the Pacific Comprehensive Economic Partnership Agreement which is an accord between Canada and India! It was created in 2018. The aim of this agreement is to encourage trade and investment among the parties. The agreement is intended to promote economic growth within the Pacific region and increase its prosperity 🇨🇦 !!
On August 18 2018 the leaders of Canada India and seven other Pacific countries signed the PCC agreement 🇨🇦 7️⃣ 🇮🇳. This document had been negotiated between Canada’s government and other Pacific nations such as Japan and South Korea 🗾 🇰🇷. In addition to Canada and India other signatories include Australia New Zealand Singapore, Chilean Republic, People’s Republic of China, Republic of Korea and Japan.
The agreement is designed to further open trade and investment opportunities in the Pacific region with a focus on reducing barriers to trade services and investments. The agreement also seeks to create a level playing field for businesses in the region by promoting fair competition and stimulating innovation ️.
Under the PCC agreement Canada India and the other signatories have committed to reducing tariffs on a range of goods. This includes eliminating tariffs on most goods within five years and further reducing tariffs on some products within ten years. This could create an estimated $25 billion in annual GDP growth and $20 billion in annual intra-regional trade.
In addition the PCC agreement includes measures that aim to improve the flow of capital and services between the countries of the Pacific region such as improved access to visa-free travel and investment. Furthermore the agreement includes measures to facilitate the movement of skilled professionals between the countries .
The agreement also seeks to promote economic ties and regional cooperation in areas such as environmental protection labour rights and dispute resolution. These measures aim to guarantee that businesses from all countries – Canada included – benefit from the agreement.
PCC has been praised by leaders from the participating countries for creating the conditions for increased regional economic integration. In particular Prime Minister Trudeau of Canada and Prime Minister Modi of India have both praised the agreement for its potential to increase economic growth and create jobs for both countries 🇨🇦 👔 🇮🇳.
The PCC agreement is a positive step towards creating a more prosperous and connected Pacific region. The reduction of tariffs and other barriers to trade and investment could lead to increased economic opportunities for businesses from all countries involved. This in turn could lead to increased economic growth and job creation in the Pacific region which could benefit both Canada, and India 🇮🇳.
The PCC agreement which is forward-looking in its approach to trade could result in increased economic growth as well as improved opportunities for trade and investment within the Pacific region . Leaders from all involved countries have praised the agreement and hope it will result in increased trade investment and new jobs.
7️⃣ 🗾 🇮🇳 5️⃣ ️ 🆕 🇨🇳 🇦🇺 👔 🔛 🇨🇦 🇰🇷