Making news

Canada clears last legislative hurdle in CPTPP implementation

The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) was passed by Canadian Senate on October 25, paving the way for Canada to be among the first six countries to ratify the pact.

Canadian Minister of International Trade Diversification Jim Carr underlined that the CPTPP will help the country’s firms access to emerging markets, which in turn will offer opportunities for its business community and middle class, as well as generate more high paid jobs in the country.

Previously, Mexico, Japan, Singapore, Australia and New Zealand had ratified CPTPP.

Formerly known as the Trans-Pacific Partnership, the CPTPP was signed by 11 member states in March after the US withdrew from the original agreement early last year.

It will enter into force 60 days after at least six signatories ratify the agreement.

The other member countries are Brunei, Chile, Malaysia, Peru and Vietnam.

The CPTPP is said to be one of the most comprehensive trade deals ever concluded and strips 98 percent of tariffs for the 11 countries with a combined GDP of more than 13.8 trillion USD and close to 500 million consumers.