Illustrative image. (Source: dotemirates.com)Ottawa (VNA) – Canada has filed its notice ofratification of the Comprehensive and Progressive Agreement for Trans-PacificPartnership (CPTPP) with New Zealand which acts as the depository countryoverseeing the deal’s implementation.
International Trade Diversification Minister of CanadaJim Carr met with New Zealand High Commissioner Daniel Mellsop to inform theratification on October 29 (Canada time).
According to Carr, Canada has completed necessary steps to ratify and implementthe wide-ranging trade deal between 11 Asia-Pacific nations.
Canada is the only among the seven largest advancedeconomies in the world (G7) with free trade access to all other G7 nations.Canada seems to be greatly beneficial from the CPTPP as once the agreement isimplemented, 99 percent of its current exports to CPTPP markets will be tarifffree.
Previously,Mexico, Japan, Singapore and New Zealand had ratified the CPTPP.
The Comprehensive and Progressive Agreement forTrans-Pacific Partnership (CPTPP) – the revised trade deal born out of theTrans-Pacific Partnership Agreement (TPP) following the withdrawal of theUnited States last year – will be provisionally enacted 60 days after it isratified by six countries.
The CPTPP is one of the most comprehensive trade dealsever concluded and strips 98 percent of tariffs for 11 countries with acombined GDP of more than 13.8 trillion USD and close to 500 million consumers.
The was signed by 11 member states,namely Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, NewZealand, Peru, Singapore, and Vietnam in March 2018.–VNA
VNA
