January 16, 2019 – Ottawa, Ontario – Global Affairs Canada
Canada’s continued prosperity depends on renewing existing trade relationships and tapping into new markets through ambitious trade agreements that create valuable jobs for middle-class Canadians. The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) exemplifies the opportunities generated by Canada’s trade diversification strategy through new market access for Canadian businesses in the Asia-Pacific region, including in Japan—the world’s third-largest economy.
The Honourable Jim Carr, Minister of International Trade Diversification, will attend the inaugural meeting of the CPTPP Commission in Tokyo, Japan, on January 19, 2019. The commission, comprised of the 11 CPTPP signatory countries, will identify the next steps and ways that businesses can reap the benefits of this landmark agreement.
During his visit, Minister Carr will attend an event hosted by Shinzo Abe, Japan’s Prime Minister, bringing together business and labour union leaders to mark the CPTPP’s entry into force. He will also meet with industry representatives on January 20 to discuss market access for Canadian products, such as beef and other key exports, to the lucrative Japanese market.
Canada was one of the first six countries to ratify the CPTPP, allowing Canadian exporters to immediately take advantage of tariff reductions. This ambitious agreement will allow Canadian companies to better compete in Japan and other fast-growing Asian markets.
“The CPTPP is a historic free trade agreement that provides significant market access gains for Canadian exporters. By eliminating tariffs, we are helping Canadian companies gain a competitive advantage in the thriving Asia-Pacific region. I look forward to working with CPTPP Commission partners to advance Canada’s interests and promote the mutual benefits of the agreement to all our citizens.”
– Jim Carr, Minister of International Trade Diversification
The 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.
On January 14, 2019, the CPTPP entered into force for Vietnam.
With a GDP of $6.5 trillion in 2016, Japan is the world’s third-largest economy.
Japan is Canada’s largest source of bilateral foreign direct investment in Asia and Canada’s fourth-largest trading partner.