Estimated reading time 2 minutes, 14 seconds.
Aéro Montréal, Québec’s aerospace cluster, is delighted that the Government of Canada concluded a new economic and trade agreement in the Asia-Pacific region.
The Trans-Pacific Partnership (TPP) will encompass a market of over 800 million consumers in 12 countries (Australia, Brunei Darussalam, Canada, Chile, United States, Japan, Malaysia, Mexico, New-Zealand, Peru, Singapore and Vietnam) and offer tremendous export potential for Québec’s aerospace industry.
“The establishment of the TPP is an excellent news for Québec’s aerospace industry. It ensures the creation and protection of jobs in Canada, while promoting economic growth and opening to Canadian companies some of the most dynamic markets in the world. The TPP fits perfectly with our desire to further develop overseas markets that provide our companies, especially our SMEs, highly promising opportunities”, said Hélène V. Gagnon, chair of Aéro Montréal and vice president, Public Affairs and Global Communications, CAE.
“Québec’s aerospace industry is very dynamic, with revenues of more than $13.8 billion and 41,750 jobs in 2014. During the period 2012 – 2014, Canadian exports in the aerospace sector to TPP markets reached $10.2 billion per year,” said Suzanne M. Benoît, president of Aéro Montréal. “Just like free trade agreements signed in the past, the TPP allows us to further consolidate our favourable position in the global supply chain and give us easier access to the very large and growing market.”
Québec’s aerospace industry is the sixth largest producer of aerospace products in the world. It is Québec’s main export engine: over 80 per cent of its production sells in foreign markets, representing nearly 13 per cent of Québec’s total manufacturing exports and 60 per cent of Canada’s aerospace industry exports. According to the Conference Board of Canada, the aerospace industry is the only technologically advanced industry in Canada to generate trade surpluses year after year.
