Toronto, October 8, 2015
Canada and 11 other countries have struck a deal to create the world’s largest free-trade area. Called The Trans-Pacific Partnership (TPP), the free-trade zone includes 12 nations around the Pacific that account for 40 per cent of the world’s economic output. The signatories include Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, Vietnam and the United States. It’s hoped that the agreement will support job creation, drive sustainable growth, foster inclusive development and promote innovation across the Asia-Pacific region.
The TPP must still be ratified by parliaments in each member country which could take several years to complete. The agreement is expected to surpass the North American Free Trade Agreement (NAFTA) in economic importance to Canada and includes two of the world’s three largest economies (the U.S. and Japan).
For more information please call Brian Rowe, General Manager – Customs Consulting Services at (905) 882-4880.