Canadian Minister of International Trade Diversification Jim Carr recently opened the second reading of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) in the House of Commons.

Illustrative image (Source: VNA)

He highlighted the CPTPP’s potential to significantly boost Canada’s gross domestic product by supporting growth for businesses and workers in a range of economic sectors.

Carr underlined how the CPTPP will provide increased opportunities for Canadian exporters and investors by giving them preferential access to 10 thriving and dynamic markets, including Japan, Malaysia, Vietnam and Singapore. 

The agreement was first introduced at Canada’s lower house in June 2018. The country sets to ratify the CPTPP this autumn, becoming one of the first six countries approving the deal.

The same day, the CPTPP was ratified by the Australian Lower House with 71 out of 71 votes.

The deal will be submitted to the Senate for consideration and approval.

The CPTPP groups Australia, Japan, Malaysia, Viet Nam, Singapore, Brunei, New Zealand, Canada, Mexico, Peru and Chile. It has been passed by Mexico, Singapore and Japan and is expected to be ratified by New Zealand, Peru and Canada in the coming months.

(Source: VNA)