Ottawa (VNA) – Canadian Minister of International Trade Francois-Philippe Champagne has introduced legislation in the House of Commons for the implementation of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

Champagne affirmed that the Government of Canada is committed to diversifying and expanding market access opportunities that will help Canadian businesses grow and create job opportunities for hard-working Canadians, a government official said on June 17.

According to the minister, the CPTPP will provide Canadian exporters and investors across a broad range of sectors with preferential access to fast-growing markets in the Asia-Pacific region, including Japan, Malaysia and Vietnam.

The CPTPP also contains the first-ever chapter devoted to small and medium-sized businesses, making it easier for them to export, grow their companies and create good middle-class jobs.

The CPTPP will set a new standard for free trade agreements in the Asia-Pacific region by including robust and enforceable provisions in areas such as labour and the environment. The Agreement will enter into force 60 days after at least six of the partner countries complete their respective ratification procedures.

The CPTPP, along with the North American Free Trade Agreement (NAFTA) and free trade agreements with the European Union (Comprehensive Economic and Trade Agreement) and the Republic of Korea, will make Canada the only G7 nation with free trade access to the Americas, Europe and the Asia-Pacific region.

The CPTPP represents a trading bloc of 11 countries, namely Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam, with almost 500 million people and a combined GDP of 13.5 trillion USD, or 13.5 percent of global GDP.

In 2017, Canada’s merchandise trade with the 10 other CPTPP countries amounted to more than 95 billion USD.

The CPTPP was signed on March 8, 2018, in Santiago, Chile. Once it enters into force, the CPTPP is expected to boost Canada's GDP by 4.2 billion USD.-VNA