Canada: Legislation introduced to ratify Trans-Pacific free trade deal
Canada’s Liberal government has introduced a legislation to ratify a free trade deal with 10 other Pacific nations that would grant Canada preferential access to some of the biggest and fastest-growing economies in the Asia-Pacific region. According to Global Affairs Canada the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) will create a free trade zone covering a market of 500 million people with a combined GDP of $13.5 trillion. In 2017, Canada’s merchandise trade with the 10 other CPTPP countries amounted to more than $95 billion.
The original 12-member Trans-Pacific Partnership (TPP) deal negotiated by the previous Conservative government was thrown into limbo early last year when U.S. President Donald Trump withdrew from the agreement to prioritise protecting American jobs.
However, the remaining 11 member countries led by Japan, finalised a revised trade pact in January. It was eventually signed by representatives of all member countries on March 8, in Santiago, Chile. The agreement will enter into force 60 days after at least six of the partner countries complete their respective ratification procedures.