Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP)
What is the CPTPP?
The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (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. Once fully implemented, the 11 countries will form a trading bloc representing 495 million consumers and 13.5% of global GDP, providing Canada with preferential access to key markets in Asia and Latin America.
On December 30, 2018 the CPTPP entered into force among 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 for Vietnam.
What are the benefits of the CPTPP for Canadians?
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- Australia is the eighth largest destination for Canadian direct investment abroad, and by far the largest destination in Asia-Pacific ($26.5 billion in 2016).
- Canada and Australia share a strong and diversified commercial relationship, driven by an increase in two-way investment and trade in services.
- Brunei offers Canadian investors and exporters a potential hub for trade and investment activities in the Association of Southeast Asian Nations region.
- The Brunei government is keen to attract foreign investment and encourage the development of non-energy sectors.
- Between 2015 and 2017, on average, Chile was Canada’s third-largest trading partner in South and Central America.
- Bilateral merchandise trade between Canada and Chile was $2.9 billion in 2017, an almost four-fold increase since the Canada-Chile Free Trade Agreement (FTA) entered into force in 1997.
- Japan is the world’s third largest economy, with a significant consumer market and is a key participant in global value chains.
- Canada and Japan share common science, technology and innovation objectives. These include facilitating commercialization of new technologies, fostering public‑private‑academic collaboration, and supporting small- and medium-sized enterprises.
- Canada was New Zealand’s top foreign investor in 2015 and second largest over the three-year period ending in 2016.
- Canadian companies are investing in New Zealand commercial property, agricultural farm markets, financial sector, oil and gas, information and communication technology, and retail sectors.
- Over the past decade, Peru has been one of the fastest-growing economies in Latin America, with an annual growth rate of 5.5%.
- Peru has been Canada’s second-largest bilateral trading partner in South and Central America (not including Mexico), on average, between 2015 and 2017.
- Singapore is Canada’s largest source of foreign direct investment (FDI) among South-East Asian countries. Singapore is also Canada’s largest destination for FDI in South-East Asia.
- Canada and Singapore share science, technology and innovation interests, including improving access to venture capital, fostering public-private-academic collaboration, and supporting small and medium-sized enterprises.
Summary of tariff reductions and the benefits of the CPTPP for Canadian industries.
Market information for each CPTPP signatory.
A history of the discussions and consultations that took place.
If you have any questions or comments about the CPTPP, please contact Global Affairs Canada at the following address:
Trade Policy and Negotiations – Asia Division (TCA)
Global Affairs Canada
125 Sussex Drive
Ottawa, Ontario K1A 0G2
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