The Trans-Pacific Partnership has finally landed.
The 12 countries who signed on to the deal announced on Oct. 5 in Atlanta still have to ratify it, meaning lawmakers will review and debate the agreement in each signatory country, but the deal is all but signed and sealed.
Here are three things Canadians should keep in mind as we examine the TPP’s fine print.
First is that the agreement makes it easier for firms here—both big and small—to do business in other member economies.
Many large firms and their employees are well—poised to take advantage of the deal and the TPP will reduce barriers for small- and medium-sized businesses wishing to sell internationally.
For the vast majority of Canada’s farmers, food processors, high-tech manufacturers, and providers of technically advanced services—this is good news. Hundreds of thousands of Canadians will benefit.
The TPP is a major breakthrough in the Asia-Pacific area, where competitors like Australia are well ahead. It also keeps Canadian firms on as level a playing field as possible in the key U.S. market against Asia-Pacific competitors.
All told, the TPP gives Canadian producers better access to countries accounting for 40 per cent of global incomes. Significant emerging economies such as the Philippines are likely to join down the road.
