To quote Canada’s International Trade Diversification Minister Jim Carr, “Time to diversify,” — and it looks like Canada has done just that, becoming the fifth nation to ratify the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP).
Canada’s Senate has cleared the way for the Asia-Pacific trade deal, roughly seven days after the third reading was passed. Bill C-79 is set to receive Royal Assent later today.
“Canada is committed to maximizing the global markets where Canadians have preferential access so that our exporters and investors can compete and succeed the world over. Canada now has more predictability and certainty in the dynamic Asia-Pacific markets,” Carr says in a news release.
“The CPTPP will help Canadian businesses of all sizes to access these thriving markets, contributing to their economic growth, more opportunities for the business community and the middle class, and the creation of well-paid jobs here in Canada.”
Earlier, it was announced New Zealand became the fourth nation to ratify the deal. It will be the first time both Canada and New Zealand have had a trade agreement with each other.
In order for the CPTPP to be implemented, six out of the 11 countries must ratify the deal within their own governments. Currently Mexico, Japan, Singapore, New Zealand, and now Canada have signed.
It’s heavily suggested Australia will be the sixth nation to officially join the CPTPP.
The pact will come into play 60 days after six countries have signed. Once CPTPP is implemented, 99 per cent of Canada’s current exports to CPTPP markets will enter tariff-free.