November 5, 2018

Canada, Five Other Nations Will Benefit From New Trade Pact

As CBC News reports, the trade pact formerly known as the Trans-Pacific Partnership will go into effect in December, less than two years after the United States dropped out of the deal.

Now known as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the agreement includes Australia, Canada, Japan, Mexico, New Zealand, and Singapore will go into force on Dec. 30. CBC News said in signing the agreement, Canada “hopes to diversify its trade, with a longer-term goal of less reliance on U.S. consumers for Canadian goods and services, particularly at a time when the U.S. is a less friendly trading partner than it used to be.” Canadian exporters are expected to save nearly $430 million once the tariff reductions in the deal go into effect.

The deal could also include Brunei, Chile, Malaysia, Peru, and Vietnam if those nations ratify the pact.