The PEIFA would like to thank the negotiators for pursuing Canada's interests for both exporter and supply-managed sectors. We understand the pressures they faced throughout the negotiations. The PEIFA is supportive of the outcome of the Trans-Pacific Partnership. Global Affairs Canada's economic impact report, released earlier this month, painted a picture that illustrated the importance of this agreement, an estimated gain of $4.3 billion to Canada's GDP. It also pointed to the potential loss of $5.3 billion if this agreement goes ahead without Canada. It presents an opportunity for Canada as well as an opportunity for our farm community.
The job now is for government to help in ensuring there are real market gains for our exporters. It is also important that the government commit to a compensation package for any losses that our supply-managed sectors may incur as a result of this agreement. This agreement will affect our supply-managed commodities. We will leave much of this to our colleagues, the Dairy Farmers of P.E.I., but we certainly want to echo their concerns.
When it comes to trade, the PEIFA has always been supportive of the supply-managed commodities' position: trade is essential for the Canadian economy, but it should be pursued in a way that provides no negative impacts to supply-managed farms. They should not have to pay the price for a nation's trade agreements. It's that simple.
You will recall that a compensation package was committed to last October, as Ron outlined a few minutes ago. The PEIFA asks that this government commit to do the same. The compensation of supply-managed farmers for revenues lost is part of the compromise the Canadian government was willing to make. The supply-managed sector estimates that the sum of access, and therefore the loss of potential revenue, will be substantial. The dairy industry, one of our largest members and one of the largest of agricultural sectors in P.E.I., estimates a Canadian-wide decline in the economy of $246 million per year. Chicken, eggs, and turkey are also estimating significant losses of revenue with the implementation of the TPP. These displacements of products will be filled by foreign farm operators and will represent real losses at the farm gates of island supply-managed farms. We would hope that an announcement of this package will be forthcoming soon.
In addition, it promised to tighten up the many leaks in the current import regime for supply-managed products. In many cases, these loopholes allow almost as many imports of supply-managed products as do the current TRQs. Our supply-managed sectors would certainly benefit from a more robust system that limits imports to the intended limits.