The Government of Canada announced that the members of the Trans-Pacific Partnership (TPP) successfully concluded negotiations on a free trade agreement that will benefit Canada’s economy.
The TPP agreement will give Canada preferential access to dynamic and growing Asia-Pacific markets. Tariffs and other barriers faced by a wide range of Canadian products from various sectors will be cut; these sectors include agriculture and agri-food, fish and seafood, forestry and value-added wood products, metals and mining and manufactured industrial goods.
The agreement will also provide improved access in financial, professional, architectural and engineering, research and development, environmental, construction and transportation services.
The Government of Canada also announced a comprehensive set of programs and initiatives to benefit and support supply-managed producers and processors throughout the implementation of the TPP.
For the first time in a Canadian free trade agreement, the TPP will have a dedicated chapter with specific measures to assist small and medium-sized enterprises in taking full advantage of the opportunities this agreement will create.
The TPP will deepen Canada’s trading relationships in the Asia-Pacific region, as well as strengthen Canada’s traditional partnerships in the Americas. This trade agreement also bolsters Canada’s strategic position in the global economy. The TPP and trade agreements with the European Union and South Korea make Canada the only G-7 nation with free trade access to the United States and the Americas, Europe and the Asia-Pacific region.
Twelve countries make up the TPP: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States and Vietnam. Eighty-one percent of Canada’s total exports already go to TPP members.