On October 4th, twelve countries formed the Trans-Pacific Partnership (TPP). Along with Canada and the U.S., the other countries were Australia, Brunei, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.
The forming of the TPP occurred exactly 28 years (plus a day) after the negotiation of the Canada-U.S. Free Trade Agreement, reports Maclean’s, and the TPP is just as important for our economy as that prior deal. So, the magazine has provided a helpful summary of what the partnership will and won’t do for Canada.
There are many aspects of the TPP that some clients may ask about. But one upside of the deal, says Maclean’s, is it’s all about trade liberalization. Mainly, “The TPP will lower tariffs as well as lower non-tariff technical barriers almost across the board.” Read more.
For a more technical explanation of the TPP from Foreign Affairs, Trade and Development Canada, click here.