Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP)
What is the CPTPP?
The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) is a free trade agreement between Canada and 10 other countries in the Asia-Pacific region: Australia, Brunei, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. Once fully implemented, the 11 countries will form a trading bloc representing 495 million consumers and 13.5% of global GDP.
On December 30, 2018 the CPTPP entered into force among the first six countries to ratify the agreement – Canada, Australia, Japan, Mexico, New Zealand, and Singapore – and provides Canada with preferential access to key markets in Asia and Latin America.
What are the benefits of the CPTPP for Canadians?
Select a country to find market information and to connect with a trade commissioner for exporting advice and contacts.
- Australia is the eighth largest destination for Canadian direct investment abroad, and by far the largest destination in Asia-Pacific ($26.5 billion in 2016).
- Canada and Australia share a strong and diversified commercial relationship, driven by an increase in two-way investment and trade in services.
- Brunei offers Canadian investors and exporters a potential hub for trade and investment activities in the Association of Southeast Asian Nations region.
- The Brunei government is keen to attract foreign investment and encourage the development of non-energy sectors.
- Between 2015 and 2017, on average, Chile was Canada’s third-largest trading partner in South and Central America.
- Bilateral merchandise trade between Canada and Chile was $2.9 billion in 2017, an almost four-fold increase since the Canada-Chile Free Trade Agreement (FTA) entered into force in 1997.
- Japan is the world’s third largest economy, with a significant consumer market and is a key participant in global value chains.
- Canada and Japan share common science, technology and innovation objectives. These include facilitating commercialization of new technologies, fostering public‑private‑academic collaboration, and supporting small- and medium-sized enterprises.
- Canada was New Zealand’s top foreign investor in 2015 and second largest over the three-year period ending in 2016.
- Canadian companies are investing in New Zealand commercial property, agricultural farm markets, financial sector, oil and gas, information and communication technology, and retail sectors.
- Over the past decade, Peru has been one of the fastest-growing economies in Latin America, with an annual growth rate of 5.5%.
- Peru has been Canada’s second-largest bilateral trading partner in South and Central America (not including Mexico), on average, between 2015 and 2017.
- Singapore is Canada’s largest source of foreign direct investment (FDI) among South-East Asian countries. Singapore is also Canada’s largest destination for FDI in South-East Asia.
- Canada and Singapore share science, technology and innovation interests, including improving access to venture capital, fostering public-private-academic collaboration, and supporting small and medium-sized enterprises.
Summary of tariff reductions and the benefits of the CPTPP for Canadian industries.
Market Information for each CPTPP signatory.
A history of the discussions and consultations that took place.
If you have any questions or comments about the CPTPP, please contact Global Affairs Canada at the following address:
Trade Policy and Negotiations – Asia Division (TCA)
Global Affairs Canada
125 Sussex Drive
Ottawa, Ontario K1A 0G2
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