February 4, 2016 – Vancouver: TimberWest applauds the Canadian Government for signing the Trans Pacific Partnership (TPP) agreement today in New Zealand. The Company looks forward to a prompt ratification process.
The TPP includes 12 countries and promises Canadian businesses preferred and improved access to a combined market of appromixately $28 trillion in economic activitiy with a total reach of 800 million people.
“The TPP is an important economic boost to BC and the 145,000 men and women who work directly or indirectly in the forest industry,” says, Jeff Zweig, President and CEO of TimberWest. “The removal of tariffs will level the playing field for Canadian forest products and is nothing but good news for our province, our workers and our communities.”
The global market for forest products is highly competitive. Currently tariffs on Canadian forest products to Asian markets can reach as high as 40%. The forest industry in B.C. is the economic engine of the province, and is the largest exporter of forest products totalling more than $12-billion in exports in 2014.
TimberWest Forest Corp. is a Vancouver-based private company and is Western Canada’s largest private managed forest land owner. TimberWest is owned by the BC Investment Management Corporation and the Public Sector Pension Investment Board, two of Canada’s leading pension funds. TimberWest’s operations provide 1,000 direct jobs and 2,000 indirect jobs in Coastal BC communities, which depend on access to fair international market prices.
For More Information:
Director, Communications and Engagement
TimberWest Forest Corp.