Minister Champagne Welcomes Progress on the Comprehensive and Progressive Trans-Pacific Partnership
November 10, 2017 - Da Nang, Vietnam
The Government of Canada is committed to free and fair trade that is progressive and will grow the economy and help the middle class.
Today, Minister Champagne welcomed the progress made on the margins of the APEC Trade Ministerial Meeting on a framework for a new Comprehensive and Progressive Trans-Pacific Partnership.
Environment and labour rights will form crucial pillars of a new agreement and will be subject to dispute settlement mechanisms. However there still are a number of issues that remain outstanding for Canada.
This approach reinforces our commitment to fostering open markets, creating well-paying middle class jobs, and helping businesses, especially women-owned SMEs, succeed in international markets. Negotiations will continue to pursue a higher standard for trade in the burgeoning Asia-Pacific region in 11 economies.
The Government of Canada looks forward to continuing to engage on the proposals but will not be rushed into an agreement that is not in the interest of Canada.
“We are pleased that progress is being made towards a possible agreement, but there is still some work to be done. Our priority is to ensure that it is the right deal for Canadian workers and businesses. We will only sign onto a deal that reflects Canada’s interests and meets our objectives to create and sustain well-paying middle class jobs in today’s competitive global economy.”
- Hon. François-Philippe Champagne, Minister of International Trade
Combined, the CPTPP countries will eliminate over 95 per cent of their tariffs, with the vast majority to be eliminated immediately upon entry into force.
The members of the CPTPP represent 494 million people, with a combined GDP of US$10.2 trillion, or 13.6% of global GDP.
Key sectors will benefit from this agreement including agriculture, fish and seafood, forestry and wood products, information and communications technologies, chemicals, and services (financial, professional, and environmental)
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