Archive for August, 2012

Trans Pacific Partnership: Canada’s Involvement

August 22nd, 2012

There has been a lot of discussion in the media about the Trans Pacific Trade Partnership and the potential that Canada might enter the agreement.

The Trans Pacific Partnership became effective on May 28th 2006. It is a multilateral free trade agreement that currently consists of four participating countries (Brunei, Chile, New Zealand, and Singapore).However, in 2007, there began talks of expanding the agreement to a number of different countries, including Canada. Canada is currently negotiating its way into the agreement.

Canada already has a Free Trade Agreement with Chile and most of the other countries also negotiating their place in the TPP. Here’s a brief summary of Canada’s FTA history.
• Canada – Colombia – Brought into force: 15-August-2011
• Canada – Peru – Brought into force: 1-August-2009
• Canada – European Free Trade Association – Brought into force: 01-July-2009
• Canada – Costa Rica – Brought into force: 01-November-2002
• Canada – Chile – Brought into force: 05-July-1997
• Canada – Israel – Brought into force:01-January-1997
• North American Free Trade Agreement (NAFTA) – Brought into force:
• Canada – U.S. Free Trade Agreement (CUSFTA) – Brought into force:
01-January-1989 (superseded by NAFTA, which includes Mexico)
Additionally, Canada is in the process of negotiating free trade agreements with the following countries:
• Canada – Andean Community Countries
• Canada – Caribbean Community (CARICOM)
• Canada – Central America Four (CA4)
• Canada – Dominican Republic
• Canada – European Union: Comprehensive Economic and Trade Agreement
(CETA) Negotiations
• Canada – India
• Canada – Japan
• Canada – Korea
• Canada – Morocco
• Canada – Singapore
• Canada – Ukraine
• Free Trade Area of the Americas (FTAA)
• Negotiations to Modernize the Canada-Costa Rica Free Trade Agreement
When you look at the list, Canada seems to have or is in the process of negotiating Free Trade Agreements with most of the economic world, with the obvious exception of China. This will certainly help Canadian exports in the future. The fact that Canada is negotiating its TPP agreement will defiantly help strengthen Canadian exports and the Canadian economy. This is one of the many benefits of Canada entering the TPP.

What do you about Canada’s involvement with the TPP?