The CPTPP is a revised version of its parent, the Trans-Pacific
Partnership (TPP), from which the United States withdrew in 2017.
The 11 signatories are Australia, Brunei,
Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru,
Singapore and Vietnam. Once fully ratified and in force, the CPTPP
will reduce or eliminate almost all tariffs between its member
countries, a trading bloc that will represent 495 million people
and a combined gross domestic product of CAD $13.5 trillion, or
13.5% of the global GDP. The agreement will also establish
high-standard rules that will make business environments more
transparent and predicable for Canadian exporters and
investors.
George Karayannides, a partner at Clyde & Co's Toronto
office, says the "key for Canada in the CPTPP is access to new
free trade partners and, in particular, Japan, Australia, Vietnam,
and Malaysia."
