Harper signed trade deal with Panama encouraging tax evasion

[hobbyguy]

Musta' flummoxed them.

The most pertinent fact about the "free" trade deal with Panama? There is virtually no underlying economic benefit to Canada from having a "free" trade deal with Panama. http://www.lop.parl.gc.ca/content/lop/ResearchPublications/2010-77-e.htm Yup. A whole .03% of our trade.

Pertinent to this discussion are these tidbits about Panama: https://en.wikipedia.org/wiki/Manuel_Noriega and: http://www.economist.com/news/leaders/21696532-more-should-be-done-make-offshore-tax-havens-less-murky-lesson-panama-papers?zid=305&ah=417bd5664dc76da5d98af4f7a640fd8a

"The leaker (whose identity has not been revealed) provided the ICIJ with 11.5m files covering nearly 40 years. The “Panama papers”, as they have been dubbed, unveil the offshore holdings of 140 politicians and officials, including 12 current and former presidents, monarchs and prime ministers. They show how money was moved around and hidden by at least 33 people and companies blacklisted by the United States for allegedly doing business with rogue states, terrorists or drug barons. The sums involved are huge; so are some of the names."

Notice the references to "40 years" and "33 companies blacklisted by the USA". Hmmm... surely Harper knew what he was getting into...

Note also the tie in to terrorists... kinda goes against what Harper espoused eh?

[Muzza]

From Wikipedia:

In 2008, bilateral merchandise trade between Canada and Panama totaled $149.1 million.[3] Trade has increased by 48 percent from 2007.[2] Canada made up $127.9 million of total trade between the two countries, while Panama made up the remaining $21.2 million.[3]

Not a trivial amount. Quite a few jobs generated. The US also signed a trade deal with Panama. No criticism of Obama????

[Omnitheo]

What jobs were created as a result of the Panama trade deals? Most information I have seen has disputed Hillary Clinton's talking point back in 2011 about how this deal would create jobs.

[Muzza]

I thought it would be self evident. Quite surprised that it is not obvious. However to expand on this for you, according to the WTO "There are many instances where the facts show that the opportunity has been grasped — where freer trade has been healthy for employment. Often, job prospects are better in companies involved in trade. And those jobs tend to be better-paid with better security. "

[FreeRights]

I thought it would be self evident. Quite surprised that it is not obvious. However to expand on this for you, according to the WTO "There are many instances where the facts show that the opportunity has been grasped — where freer trade has been healthy for employment. Often, job prospects are better in companies involved in trade. And those jobs tend to be better-paid with better security. "

So there may have, or may not have, been new or more secure jobs as a result?

[Omnitheo]

And that is certainly the case when it comes to large economies. Panama is not that though.

[Muzza]

Canada made up $127.9 million ... says it all.

[Omnitheo]

Canada made up $127.9 million ... says it all.

Doesn't quite say it all, but 7.8 Billion says a lot more

The eye-popping revelations will continue for weeks, if not months. But let’s not lose sight of the 350 or so largely unknown Canadians whose shell companies have been caught up in the data dump. Ottawa’s official figures say $200 billion in Canuck wealth currently sits offshore and out of reach of the Canada Revenue Agency. The actual amount, however, appears to be much, much higher, with annual tax losses somewhere in the $6-billion to $7.8-billion range—roughly a quarter of the current federal deficit—according to an estimate obtained by the Toronto Star, a partner in the consortium.

http://www.macleans.ca/news/canada/cana ... pers-leak/

We should have listened to Mulcair

[The Green Barbarian]

We should have listened to Mulcair

Shudder. There's words that I hope I never say. Yuck.

[Omnitheo]

You're agreeing with him in the thread about government transparency.

[hobbyguy]

Ummm... ok, so trade with Panama was $129 million BEFORE the "free" trade deal was implemented.

So what was trade after?

2014: $106.5 million. Hmmm... went DOWN after the "free" trade deal. http://www.canadainternational.gc.ca/panama/bilateral_relations_bilaterales/index.aspx?lang=eng

And this says something about what kind of trading partner they are, from that fact sheet:

"The Embassy of Canada to Panama manages the Canada Fund for Local Initiatives (CFLI), which provides financial assistance for modest-scale projects in the country. In the past two years, Canada has supported projects focused on institutional strengthening in the area of democratic institutions: supporting free and fair elections and encouraging a greater participation of women in the political process; human rights: reform of the penal system and promotion of LGBTI rights; and rule of law: combatting human trafficking and modernization of the justice system with restorative and conflict resolution programs."

Notice "combatting of human trafficking".

Sorry, there just is no underlying economic benefit to Canada from such a "free" trade deal.

And the question arises: should we be legitimizing the governments of countries like Panama and Honduras by entering into such an agreement?

The whole thing stinks. It makes me question Harper's motives.

[Omnitheo]

His motives are quite clear. Providing a tax haven for his rich crony friends. The conservative modus operandi.

[The Green Barbarian]

His motives are quite clear. Providing a tax haven for his rich crony friends. The conservative modus operandi.

Whose motives? Trudeau?

[SmokeOnTheWater]

Greedy Harper Cons don't want to contribute to this great society of ours. Tory Titmice don't want to pay their taxes. They just want to hide their money and let the true Canadians pay for all the benefits they are using. Roads, firefighters, police, hospitals, teachers, etc .. They want to live for free. Wing nuts lunatics should stop their whining, go to work and pay their taxes like all other great Canadians do.

[hobbyguy]

I don't think we can assign anything in particular to Harper in terms of motivation, regardless of how it turned out. It may just have been the right intoxication with supply-side economic fallacies that prompted this, "Ooo, looky a "free" trade deal, yum, yum" (never mind those pesky details).

At any rate, this deal facilitating money laundering, tax avoidance/evasion etc. ought to be scrapped, or at the very least modified to make those things impossible.