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Canada agrees to revised Trans-Pacific Partnership deal

Canada agrees to revised Trans-Pacific Partnership deal

India Blooms News Service | @indiablooms | 24 Jan 2018, 12:01 am

Ottawa, Jan 23 (IBNS): Canada, reportedly the second largest economy among the Trans-Pacific Partnership (TPP) and other members of the TPP excluding United States, agreed Tuesday to a revised trade agreement, media reports said.

Besides Canada, the other partners included are Australia, Brunei, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam.

The deal between Canada and the 10 other remaining TPP economies was confirmed by Singapore's government.

The agreement will be signed in early March

The TPP agreement was reached in the midst of Canada's tough renegotiation of the North American Free Trade Agreement (NAFTA).

According to official reports the meeting of the NAFTA negotiators from Canada, the United States and Mexico would take place in Montreal this week.

Vancouver Economic Commission chief executive Ian McKay joined Canada's chief and deputy chief TPP negotiators in Tokyo as Trudeau's special envoy for two days of talks that were scheduled to wrap up Tuesday.

Stronger protections for the environment and labour rights were among the number of changes agreed to by TPP trade ministers.

The pact was also rebranded as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership.

It is  hoped that this deal would open up access for Canada to Japan's economy, -- the third-largest in the world -- and would be beneficial for Canada's agricultural, seafood and forestry sectors.

(Reporting by Asha Bajaj)