The Trans-Pacific and Progressive Trans-Pacific Partnership Agreement (TPPP), which replaces the Trans-Pacific Partnership (TPP) with the withdrawal of the United States, will be signed in Chile on March 8.
Federal Trade Minister François-Philippe Champagne said that the text of the trade agreement has been published, and is now ready to be initialed by its 11 members.
Minister Champagne explains in a statement released late Tuesday that “Canada will soon enjoy privileged access to half a billion consumers in the fastest-growing and fastest-growing market in the world.”
The decision of President Donald Trump to withdraw the United States from the TPP raised fears for the survival of the agreement, but the other members managed to agree.
An analysis of the TPPP released last week by Global Affairs Canada shows that the agreement will generate long-term economic gains for Canada totaling $4.2 billion, compared to $3.4 billion under the TPP. This increase is attributed to expanded access to certain markets due to the withdrawal of the United States.
The analysis explains that these gains will materialize in multiple sectors, including agricultural products such as beef and pork, wood products, machinery and equipment, and transportation equipment.
The federal government says the TPPP represents 495 million people and a combined gross domestic product of $13.5 trillion – or 13.5% of global GDP.
The 11 members of the agreement are Canada, Australia, Brunei, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.