Eleven countries, including Canada, have agreed to reduce tariffs, resulting in one of the largest free trade agreements in the world. This new agreement, based on the former Trans-Pacific Partnership (TPP), is now the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
The tariff reductions by Canada and its trade partners are a key element of the CPTPP, bringing together a market of nearly 500 million people with a total value of $10 trillion.
Member countries are Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.
CPTPP next steps:
- Each of the CPTPP parties are now undertaking their own respective domestic procedures for ratification and implementation.
- For Canada, this includes tabling the agreement and introducing implementing legislation to Parliament.
- Upon completing domestic procedures, the Government of Canada will need to obtain legal authority to ratify the CPTPP from the Governor-in-Council.
- The CPTPP will enter into force 60 days after at least six (or 50%) of the signatories have notified the Depositary (NZ) of the completion of ratification procedures. For subsequent parties that ratify the agreement, the CPTPP will enter into force for that party 60 days after the date of its ratification.
For more information, contact Brian Rowe, Director – Customs Compliance & Regulatory Affairs.