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March 9, 2018
Member countries ratify Trans-Pacific Partnership agreement
Trade ministers from Canada and 10 other countries officially ratified the new Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) in Santiago, Chile on Thursday.
The full text of the agreement was made public late in February following translation and legal review in the eleven member countries.
The CPTPP will be one of the largest trading blocs in the world. CPTPP countries represent 495 million people and have a combined GDP of $13.5 trillion.
In 2016, Canada's bilateral merchandise trade with the 10 other CPTPP countries amounted to $105 billion.
The agreement will come into force once the member countries have achieved the required modifications to their laws and regulations. For Canada, this will involve the tabling of the CPTPP in Parliament and the introduction of implementing legislation.
The CPTPP includes Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam.
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