Free trade deals will pay off for Canada, but we need more action While too many countries are devoting energy and tariff reductions in January 2019. The CETA and CPTPP resources to erecting walls along their borders – both together are estimated to add about one-half of a per- of the physical and tariff variety – Canada remains a centage point to Canadian growth over the long term. Of steadfast believer that a freer flow of goods, services course, having trade deals doesn’t automatically trans- and people between nations is key to unlocking eco- late into more trade. Canadian companies must do more nomic potential. In addition to Canada’s Comprehensive to take advantage of their access to global markets. While Economic and Trade Agreement with Europe, which came our country will continue to be tied closely to our south- into force in 2017, the Comprehensive and Progressive ern neighbour, these trade agreements give Canada a cru- Trans-Pacific Partnership will deliver its first round of cial head start at a time when the U.S. is turning inwards. “The CETA and CPTPP together are estimated to add about one-half of a percentage point to Canadian growth over the long term. ” RBC Economics Research | Navigating 2019 - 9 big insights for the year ahead | January 2019 24