“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. 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.”
– Jim Carr, Minister of International Trade Diversification
On October 25, the Honourable Jim Carr, Minister of International Trade Diversification, celebrated the news that the Government of Canada received royal assent to Bill C-79, the act to implement the CPTPP. He also acknowledged the hard-work of the Senate in swiftly moving this agreement forward.
This milestone achievement reaffirms Canada’s strong commitment to Canadian companies, industries and the millions of Canadians they employ. Increased market access will level the playing field to allow them to compete and succeed globally. Canada will be among the first group of CPTPP countries to bring the agreement into force, thus ensuring the country retains first-mover advantage in many thriving Asia-Pacific markets, including those with whom Canada did not previously have an agreement such as Japan and Singapore.
Once the CPTPP is implemented, 99% of Canada’s current exports to CPTPP markets will enter tariff-free. By opening new markets to Canadian goods and services, the CPTPP will benefit Canadians from coast to coast to coast, across a variety of sectors, from farmers to factory workers, start-ups and small businesses, creating more jobs and providing lower prices for consumers.
- The CPTPP represents a trading bloc of 11 countries with almost 500 million consumers and a combined economy worth $13.5 trillion.
- Canada’s merchandise trade with its CPTPP partners was over $95 billion in 2017.
- Upon entry into force, 86% of CPTPP countries’ tariff lines will become duty-free.
- The CPTPP was signed on March 8, 2018, in Santiago, Chile. Mexico, Japan, Singapore and New Zealand have since ratified the agreement through their respective processes.
- The CPTPP will enter into force 60 days after six of the signatories complete their domestic procedures and deposit their notice of ratification to the CPTPP Depositary (New Zealand).
- Following royal assent, Canada will work expeditiously to complete the necessary domestic procedures to fully implement the CPTPP.
Source: Global Affairs Canada
Read the full announcement here