Latest news with #ComprehensiveandProgressiveAgreementforTrans-PacificPartnership
Toronto Sun
13 hours ago
- Business
- Toronto Sun
Canada, New Zealand settle trade dispute regarding supply management of dairy sector
Published Jul 18, 2025 • 2 minute read Dairy cows on a farm in B.C. on December 19, 2024. Photo by Postmedia files OTTAWA — Canada and New Zealand have settled a trade dispute over Ottawa's dairy-sector protections that regulate the cost and supply of products such as milk and cheese. This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account The Comprehensive and Progressive Agreement for Trans-Pacific Partnership includes certain quotas for countries to export dairy at preferred tariff rates into other member countries. New Zealand successfully argued before a trade panel in September 2023 that Canada was unfairly limiting its quotas to protect domestic dairy processors. The panel ruled at the time that Ottawa had some discretion over how it allocates its dairy quotas, but that some of its rules violate the trade deal. New Zealand threatened retaliatory tariffs after it said Canada failed to abide by the ruling. On Thursday, both countries said they reached an agreement for technical changes. In a statement, Trade Minister Maninder Sidhu and Agriculture Minister Heath MacDonald said the agreement only applies to quotas under the existing deal and 'does not amend Canada's market-access commitments.' Your noon-hour look at what's happening in Toronto and beyond. By signing up you consent to receive the above newsletter from Postmedia Network Inc. Please try again This advertisement has not loaded yet, but your article continues below. They said the 'technical policy changes' to tariff-rate quotas primarily involve faster market access, increasing data transparency and a mechanism to reallocate underused quotas. They also enable an on-demand system for those with repeatedly underfilled quotas. New Zealand's trade department described the solution similarly. 'Importers will be able to access quota faster and more efficiently, making it easier to trade more dairy under Canada's CPTPP quotas,' the department wrote, adding that this was 'the first dispute New Zealand has taken under a free-trade agreement.' New Zealand Trade Minister Todd McClay wrote in a statement that this week's agreement will deliver the equivalent of up to $129 million in Canadian dollars 'in export value for New Zealand dairy exporters.' This advertisement has not loaded yet, but your article continues below. Dairy Farmers of Canada said it was 'aware' of the agreement, and 'expects that the Canadian government will continue to uphold our national food security and food sovereignty' after Thursday's settlement. 'We understand that this will result in certain minor policy changes to Canada's TRQ administration,' spokeswoman Lucie Boileau wrote. The dairy dispute was the first taken up by any party under the CPTPP, a trade deal largely focused on Pacific Rim countries who say they agree on rules-based trade. The U.K. joined that trade bloc last year, and the European Union has been looking at working with the grouping to counterbalance American and Chinese trade coercion. MMA Toronto & GTA Tennis Celebrity Sunshine Girls
Agriland
16 hours ago
- Business
- Agriland
Dairy prices soar by 46% across New Zealand
With tight supply and demand margins over the last few months, the New Zealand government body, Stats NZ are reporting that prices in the country for dairy products such as butter have increased by up to 46% in 12 months. Overall, food prices increased 4.6% in shops across the 12 months to June 2025, according to figures released by Stats NZ. The price increase for the grocery food group was due to higher prices for milk, butter, and cheese. Nicola Growden, a spokesperson for Stats NZ said: 'Dairy products continue to drive the higher cost in food prices.' Growden highlighted how butter prices have increased by approximately NZ€5.00 in the last decade, a 120% rise. Stats NZ outlined how butter prices are currently NZ$8.60/500g(€4.41). The government body added that cheese has experienced a 30% rise in the last year, reaching NZ$13.04/kg (€6.69). Milk has also climbed 14.3% in the 12 months, with consumers paying NZ$4.57 for 2 litres of milk in the shop (€2.34). Consumers are also paying more in the shop for products such as meat and poultry, with 1kg of mince now costing NZ$21.73 (€11.14) on average, up from NZ$18.80 (€9.64) in June 2024. Fonterra As calving is currently underway on most dairy farms in New Zealand, the farmer-owned Fonterra group are forecasting a milk price of NZ$10.00/kg of milk solids (MS). This will fall into an NZ$8.00-$11.00/kg/MS price range. In June, Fonterra announced a profit after tax of NZ$1.158 billion in the third quarter (Q3) of the financial year, up NZ$119 million or 11% on this time last year. As New Zealand and Fonterra are the largest dairy exporters in the world, more pressure on domestic supply and demand may be experienced in the wake of the government settling its Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) quota dispute with Canada. This may lead to increased exports in dairy produce from New Zealand.
Winnipeg Free Press
16 hours ago
- Business
- Winnipeg Free Press
Canada, New Zealand settle trade dispute regarding supply management of dairy sector
OTTAWA – Canada and New Zealand have settled a dispute over Ottawa's dairy-sector protections that regulate the cost and supply of products such as milk and cheese. The Comprehensive and Progressive Agreement for Trans-Pacific Partnership includes certain quotas for countries to export dairy at preferred tariff rates into other member countries. New Zealand convinced a trade panel in September 2023 that Canada was unfairly limiting its quotas to protect domestic dairy processors. The panel ruled at the time that Ottawa had some discretion over how it allocates its dairy quotas, but that some of its rules violate the trade deal. On Thursday, both countries said they reached an agreement for technical changes, which the Liberals say only apply to quotas under the existing deal that won't mean more market access. Dairy Farmers of Canada said it was 'aware' of the agreement, and said it has the understanding that this results in 'certain, minor policy changes' that uphold the supply-management regime. Monday Mornings The latest local business news and a lookahead to the coming week. New Zealand previously said that Canadian policies were costing its exporters the equivalent of $100 million Canadian over three years. This report by The Canadian Press was first published July 18, 2025.
BusinessToday
a day ago
- Business
- BusinessToday
Tariff Pressures And Trade Shifts Dominate MARC's 2025 Economic Forum
Trade disruptions, strategic tariff manoeuvres and shifting global alliances took centre stage at Malaysian Rating Corporation Bhd's (MARC) 2025 forum, 'An Afternoon Talk with MARC: Global Economic & Market Outlook, Geopolitics and Tariff Agendas'. The forum brought together senior executives, economists and policymakers to explore how Malaysia and the region can adapt to an increasingly turbulent global economy. MARC Group Chief Executive Officer Arshad Mohamed Ismail described the current global climate as one where 'economic tools have become geopolitical weapons'. He warned that the resurgence of tariffs as a foreign policy instrument, particularly by the US, is reshaping trade flows, amplifying supply chain risk and demanding a fundamental rethink of how nations and businesses compete. 'Malaysia must recalibrate its competitiveness strategy — resilience, adaptability and the ability to form strategic alliances are now more critical than low costs or market access alone,' Arshad said during his opening remarks. Chief Economist Dr Ray Choy expanded on this view as he forecasted a slowing global growth driven by fragmented monetary policy, fragile consumer sentiment and sustained geopolitical uncertainty for the second half of 2025. 'While the eurozone is showing signs of cautious recovery, the US economy faces headwinds and China continues to struggle with soft domestic demand,' he said, while projecting that Malaysia's GDP to grow 4.4% this year, supported by robust domestic activity and a gradual tourism revival. Meanwhile, despite challenges such as a higher Sales and Service Tax, MARC said inflation is expected to remain under control. 'Bank Negara Malaysia's (BNM) recent rate cut to 2.75%, in line with global monetary easing, signals a more supportive policy stance aimed at sustaining domestic momentum,' it added. Separately, a panel discussion titled 'US Tariffs & Geopolitics: Demystifying Nested Agendas' featuring a distinguished lineup of BNM Assistant Governor Mohd Fraziali Ismail, academic and former deputy minister Prof Dr Ong Kian Ming and political analyst Prof Dr Bridget Welsh dissected the underlying motivations behind US trade policy shifts. The panellists highlighted that recent US actions, including selective tariff reductions and increases. indicate a recalibration of trade posture rather than a return to free trade. They shared that this evolving terrain has accelerated the formation of regional trade networks, with blocs like ASEAN and the European Union strengthening intra-regional cooperation to buffer against external shocks. Malaysia, they stressed, should adopt a strategic, non-confrontational approach. 'High-tech sectors such as semiconductors should be prioritised in tariff negotiations, while existing trade agreements like the Comprehensive and Progressive Agreement for Trans-Pacific Partnership should be fully leveraged to diversify export markets. 'Strengthening ties with fast-growing economies in Asia and the Middle East was also seen as vital,' the panellists said. The conversation also turned to monetary dynamics as the panellists agreed that the US dollar will remain dominant for the foreseeable future. Malaysia's approach, they said, should be framed as pragmatic risk management instead of an effort to challenge the dollar's global reserve status. Subsequently, the closing discussions pointed to cautious optimism for Malaysia's medium-term trajectory where it was shared that while global headwinds persist, the country's strong domestic fundamentals, reform momentum and strategic geographic position offer a buffer against external volatility. As tariff pressures and geopolitical shifts continue to reshape the global economic landscape, the MARC forum made one point clear: Malaysia's resilience will depend not just on reacting to global trends, but on anticipating them and shaping its own place within a rapidly evolving order. Related
Scoop
2 days ago
- Business
- Scoop
Canada-NZ Dairy Dispute: A Win For Exporters
ExportNZ is pleased to see a years-long dairy dispute between Canada and New Zealand resolved, unlocking higher export value for Kiwi business. Executive Director Josh Tan says the outcome is a win for New Zealand dairy exporters, and a win for the rules-based trading system. "It's essential that our trade agreements function as they were agreed to - particularly in the current global trade context. Likewise, our trade partners should ensure they are playing by the rules. "Canada remains a valuable trade partner to New Zealand. In agreeing to meet its obligations under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), Canada has guaranteed better market access for Kiwi exporters and we commend them for honouring this agreed outcome. "ExportNZ acknowledges the Minister for Trade and Investment and our New Zealand officials, for their persistent effort to reach the right outcome under the CPTPP agreement."
