CPTPP: New trade deal gives Canadian businesses greater access to Asia-Pacific markets
February 11, 2019 – Vancouver, British Columbia - Global Affairs Canada
Supporting Canadian companies of all sizes so they can seize opportunities worldwide and create jobs for the Canadian middle class is at the heart of Canada’s diversification strategy.
Today, the Honourable Jim Carr, Minister of International Trade Diversification, was joined at the Vancouver Convention Centre by the Honourable François-Philippe Champagne, Minister of Infrastructure and Communities, and by representatives of the business community to celebrate the entry into force of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). The CPTPP gives Canadians greater access to the most dynamic markets in the Asia-Pacific region. The agreement means that Canadian entrepreneurs—from farmers, fishers, scientists and manufacturers to owners of small businesses—gain access to half a billion new customers. Combined with the Canada-European Union Comprehensive Economic and Trade Agreement and the Canada-United States-Mexico Agreement, Canadian businesses now have access to 1.5 billion new customers in over 50 countries.
In Vancouver, Minister Carr highlighted the new business opportunities created by this ambitious trade agreement as well as the programs and services the Canadian Trade Commissioner Service (TCS) provides to help Canadian firms access Asia-Pacific markets. With the entry into force of the CPTPP, Canadian exporters can now take advantage of tariff reductions across all sectors, including agriculture and agri-food, fish and seafood, industrial goods and machinery, and forest and value-added wood products, as well as a range of other market-access improvements.
To help Canadians take advantage of the benefits of Canada’s trade agreements and access new markets, the Government of Canada is investing $1.1 billion in programs and services that:
- provide resources to small and medium-sized enterprises to help them explore new export opportunities;
- enhance trade services for Canadian exporters; and
- help Canadian innovators add value, succeed and grow their businesses.
“Our new Asia Pacific agreement is a bridge that will enable people, goods and services to be shared more easily with half a billion new customers. This latest agreement will make it easier for Canadian entrepreneurs to seize opportunities and create good, well-paying jobs for Canada’s middle class and those working hard to join it.”
- Jim Carr, Minister of International Trade Diversification
“High-quality Canadian transportation infrastructure and efficient trade corridors boost economic growth, create good middle-class jobs and contribute to the success of Canadian firms in the global marketplace. Our government’s investments in Canadian trade and transportation corridors, such as the Port of Vancouver, help ensure that people and products can move quickly and efficiently to global markets.”
- François-Philippe Champagne, Minister of Infrastructure and Communities
The CPTPP is a free trade agreement between Canada and 10 other countries in the Asia-Pacific region: Australia, Brunei, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.
On December 30, 2018, the CPTPP entered into force in the first six countries to ratify the agreement: Canada, Australia, Japan, Mexico, New Zealand and Singapore. On January 14, 2019, the CPTPP entered into force in Vietnam.
As part of its trade diversification strategy, the Government of Canada will invest $100 million over six years to reinforce the CanExport program and related TCS funding programs, helping more Canadian businesses reach overseas markets.
The TCS helps thousands of Canadian businesses succeed in international markets by providing key business insights and access to an unbeatable network of international contacts.
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