The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) is a trade agreement between 11 countries, including Canada. The agreement, which came into effect on December 30, 2018, aims to reduce trade barriers and promote economic integration among participating countries.
With the CPTPP, Canada has access to a market of over 500 million people, creating new opportunities for Canadian businesses to expand and innovate. The agreement eliminates tariffs on a wide range of goods and services, including agricultural products, seafood, industrial products, and more.
One of the key benefits of the CPTPP for Canada is increased access to the Japanese market. Japan is the world`s third-largest economy, and Canada`s exports to Japan were valued at over $12 billion in 2018. The CPTPP eliminates tariffs on 87% of Canada`s exports to Japan, creating significant opportunities for Canadian businesses across a range of sectors.
The CPTPP also includes provisions on intellectual property, e-commerce, and investment, providing protections and opportunities for Canadian businesses operating in these areas. The agreement also includes provisions on labour rights and environmental protections, demonstrating a commitment to promoting sustainable and fair trade practices.
While the CPTPP has been praised by many as a positive step for international trade, it has also faced criticism from some who argue that it could have negative impacts on certain industries and workers. However, the Canadian government has stated that it is committed to working with affected industries and stakeholders to ensure a smooth transition to the new trade landscape.
Overall, the CPTPP represents a significant opportunity for Canada to strengthen its ties with key trading partners and expand its economic reach. As the world becomes increasingly interconnected, trade agreements like the CPTPP will continue to play a crucial role in shaping the global economy.