Canada released an announcement today that the 12 Pacific-rim
countries negotiating the Trans-Pacific Partnership (TPP) have
reached an “ambitious, complex and comprehensive TPP
agreement.” The 12 TPP countries are Australia, Brunei,
Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru,
Singapore, Vietnam and the United States. The TPP countries
represent a total market of nearly 800 million people.
Eighty one percent of Canada’s total exports currently are
destined to TPP member countries. The Canadian Government has
indicated that, through the TPP agreement, Canada will gain
preferential access to growing Asia-Pacific markets, by eliminating
tariffs and other barriers to trade, while bolstering
Canada’s strategic position in the global economy.
The Agreement will eliminate tariffs imposed on products in a
wide-range of sectors, including agriculture and agri-food, fish
and seafood, forestry, metals and mining, and manufactured
industrial goods. The TPP also promises to improve access to
financial, professional, architectural and engineering services, as
well as research and development, environmental, construction
and transportation services.
The Government has stated that the TPP investment chapter will establish “strong rules”
offering investors protections such as fair and equitable
treatment, non-discriminatory treatment, and protections against
expropriation, while at the same time allowing the governments to
legislate and regulate in the public interest.
Canada has indicated that the commitments with respect to
financial services aim to ensure that markets will remain open
for Canadian financial services suppliers, and at the same time,
Canadian investments will be protected. The Government has also
announced that the TPP will create new opportunities and further
develop existing markets in the TPP region for Canadian producers
and exporters of forestry and value-added wood products.
Last week, the Canadian Government had also announced that the TPP will set a
“strong regional standard” for the protection and
enforcement of Intellectual Property (IP) rights, and had indicated
that the agreement would give investors and businesses confidence
that the same IP rules will be applied across the TPP region.
A technical summary of the TPP agreement was
posted on the Department of Foreign Affairs and Development
Canada’s website, with details related to the following
National Treatment and Market Access for Goods
Textiles and Apparel
Rules of Origin and Origin Procedures
Customs Administration and Trade Facilitation
Sanitary and Phytosanitary Measures
Technical Barriers to Trade
Cross-Border Trade in Services
Temporary Entry for Business Persons
State-Owned Enterprises and Designated Monopolies
Competitiveness and Business Facilitation
Small and Medium-Sized Enterprises
Transparency and Anticorruption
Summary of the Tariff Schedule
The Ministers have announced that the text of the TPP agreement
will be released after the technical review, the translation and
the legal review are completed. Before coming into force, the
agreement will have to be ratified by each country. In Canada, it
is expected that the TPP agreement will be tabled during the next
session of Parliament.
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