Minister of International Trade announced on January 23, 2018, eleven countries have agreed on the core elements of a new agreement and concluded on a new Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). The Trans-Pacific Partnership Agreement (“TPP”) has been renamed and will be called the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (“CPTPP”).
The CPTPP countries are: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam.
There is no date set for the implementation of the agreement (CPPTPP). The signing of the agreement by the eleven countries is planned for 8 March 2018.
The negotiated tariff schedules have been maintained and, as a result, custom duties on 95% of trade in goods between the parties will either be duty-free immediately or according to tariff reduction/elimination schedules. The tariffs are not reduced or eliminated on the day of signing the free trade agreement. It is hoped that CPTPP will be implemented and come into effect before the end of 2018.
From making machinery, equipment and business services more competitive, to protecting and preserving Canada’s unique culture, the CPTPP will benefit all Canadians by providing Canadian businesses with preferential market access to what will be one of the largest trading blocs in the world. The CPTPP will benefit a wide range of sectors and industries across Canada, from agriculture, automobiles, beef and seafood to forestry products.
Sector-based fact sheets and frequently asked questions (FAQs) are now available on the Global Affairs Canada website to help explain why the agreement is important to Canada and Canadian workers and how key industries will benefit.
Backgrounder on Comprehensive and Progressive Partnership for Trans-Pacific Partnership (CPTPP) –
View the various key sectors on Agriculture, automotive, culture, intellectual property and labour on the benefits and opportunities of the CPTPP.