Canada Formally Joins TPP Talks

by Mike Godfrey, Tax-News.com, Washington

11 October 2012

Canada has formally joined the Trans-Pacific Partnership (TPP) trade negotiations, a move government ministers say will help create jobs, economic growth and long-term prosperity.

Canada’s formal entry into the negotiations follows the completion of domestic consultations, which all TPP members are required to undertake before approving new members. Eleven countries - Australia, Brunei, Canada, Chile, Malaysia, Mexico, New Zealand, Peru, Singapore, Vietnam and the US - are now involved in the talks, which aim at establishing a comprehensive free trade agreement across the region.

The TPP market represents more than 658m people and a combined GDP of USD21 trillion. Issues under negotiation include customs, cross-border services, government procurement, telecommunications, competition policy, small and medium-sized enterprises, competitiveness and business facilitation, and cooperation and capacity building.

Commenting on the talks, International Trade Minister Ed Fast said: "Opening new markets and increasing Canadian exports to fast-growing markets throughout the Asia-Pacific region is a key part of our government’s plan to create jobs, growth and long-term prosperity. We look forward to helping develop a 21st-century agreement that advances Canadian interests.”

James Moore, Minister of Canadian Heritage and Official Languages, regional minister for British Columbia, added: “Joining the TPP is an important step forward in our government’s active and growing presence in the Asia-Pacific region. The region is a priority market for Canadian businesses, offering enormous opportunities to our exporters.”

The next round of TPP talks will take place in New Zealand from December 3-12.