Minister of International Trade Diversification addresses Parliament on second reading of historic Comprehensive and Progressive Agreement for Trans-Pacific Partnership
September 17, 2018 - Ottawa, Ontario - Global Affairs Canada
The Government of Canada’s trade diversification strategy is about providing more opportunities for hard-working Canadians to compete and succeed around the globe. With the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), Canada will soon have preferential access to almost half a billion consumers in some of the world’s most dynamic and fast-growing markets.
On September 17, 2018, the Honourable Jim Carr, Minister of International Trade Diversification, opened the second reading of Bill C-79 in the House of Commons by highlighting the CPTPP’s potential to significantly boost Canada’s GDP by supporting growth for businesses and workers in a range of economic sectors. The Bill, which is the implementing legislation for the CPTPP, was introduced in the House of Commons in June 2018.
Minister Carr underlined how the CPTPP will provide increased opportunities for Canadian exporters and investors by giving them preferential access to 10 thriving and dynamic markets, including Japan, Malaysia, Vietnam and Singapore. For Canadian workers, entrepreneurs and businesses of all sizes, the agreement creates real and diversified opportunities to sell abroad and grow good middle- class jobs at home.
Canada is committed to doing its part to move the implementing legislation for CPTPP quickly through Parliament and complete the ratification procedures in a timely manner. The agreement will enter into force once six member countries have completed their ratification procedures.
“This historic agreement will provide a competitive advantage for Canadian businesses across the country in fast-growing markets in the Asia-Pacific region. Ambitious and high-standard trade agreements, such as the CPTPP, will create new jobs, grow the middle class and make it easier for Canadian companies to succeed.”
- Jim Carr, Minister of International Trade Diversification
The CPTPP represents a trading bloc of 11 countries with almost 500 million people and a combined GDP of 13.5% of global GDP.
In 2017, Canada’s merchandise trade with the 10 other CPTPP countries amounted to more than $95 billion.
The CPTPP was signed on March 8, 2018, in Santiago, Chile. Mexico, Japan and Singapore have since ratified the agreement through their respective processes.
Once it enters into force for Canada, the CPTPP is expected to boost Canada’s GDP by $4.2 billion.
Japan is the world’s third-largest economy and Canada’s fourth-largest trading partner. In 2017, bilateral merchandise trade between Canada and Japan reached $29.3 billion.
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