14:06 | 31/10/2018 Global Economy
Canada has filed its notice of ratification of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) with New Zealand which acts as the depository country overseeing the deal’s implementation.
|Illustrative image - Source: dotemirates.com|
International Trade Diversification Minister of Canada Jim Carr met with New Zealand High Commissioner Daniel Mellsop to inform the ratification on October 29 (Canada time).
According to Carr, Canada has completed necessary steps to ratify and implement the wide-ranging trade deal between 11 Asia-Pacific nations.
Canada is the only among the seven largest advanced economies 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 is implemented, 99 percent of its current exports to CPTPP markets will be tariff free.
Previously, Mexico, Japan, Singapore and New Zealand had ratified the CPTPP.
The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) – the revised trade deal born out of the Trans-Pacific Partnership Agreement (TPP) following the withdrawal of the United States last year – will be provisionally enacted 60 days after it is ratified by six countries.
The CPTPP is one of the most comprehensive trade deals ever concluded and strips 98 percent of tariffs for 11 countries with a combined GDP of more than US$13.8 trillion and close to 500 million consumers.
The was signed by 11 member states, namely Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam in March 2018.