Twelve countries that make up the Trans-Pacific Partnership concluded negotiations for a free trade deal on Oct 5, 2015 after many years of talks. TPP covers 40% of trade globally, a gross domestic product (GDP) of $28.5 trillion and a market of 800 million people, covering a scope akin to the World Trade Organization (WTO) & NAFTA. Facing steps such as ratification by each country, political and otherwise, it’s unlikely any member country will fail to adopt it.
Little is known on the specifics so far, and in any deal so far reaching, there will be winners and losers.
Various sides are already positioning to endorse or condemn, similar to what occurred during the NAFTA negotiations, but history has proven NAFTA to be a real winner for all.
There is clear potential for Canadian businesses to boost their exports; Canada already exports to TPP members, however the key catalyst will be the reduction of tariffs in member countries. Read More