The Trans-Pacific Partnership, once ratified, will cover a market of nearly 800 million consumers, representing 40% of global GDP. The agreement, which will create the world’s largest free trade area, will increase trade relations between the 12 member countries, which include Canada, the United States, Japan, Australia, Mexico and Vietnam. It will also help attract foreign investment.
About the new deal, Québec’s Finance Minister, Carlos Leitao, said, “A free trade agreement is, in my opinion, always positive for a country’s economy. It will be greatly beneficial.” Experts have indeed pointed out the many benefits of the elimination of tariffs expected in a range of sectors.
Several industries in Québec—natural resources, agri-food, machinery, aeronautics—will profit from the agreement.
Further advantages of the Trans-Pacific Partnership:
Intended to replace the North American Free Trade Agreement, the Trans-Pacific Partnership will enable Canada to increase its presence in the Asia-Pacific region, while maintaining its existing partnerships across the Americas.