The 11 remaining members of what was once known as the Trans-Pacific Partnership (TPP) are scheduled to sign the new pact Thursday in Asunción, Chile.
President Trump withdrew the U.S. from the multilateral trade pact shortly after taking office in 2017. After the U.S. withdrawal, the remaining 11 parties agreed on new version of the pact — now formally called the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP)
The member countries (Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam) together form one of the largest trading blocs in the world, representing 13% of the world’s Gross Domestic Product (GDP). With the U.S., the TPP would have represented 40% of the global GDP.
Canada’s Minister of International Trade, François-Philippe Champagne, is traveling to Chile to sign the CPTPP.
“Canada is seizing every opportunity to secure new markets on better terms for more Canadians and is quickly becoming a country with unparalleled access to the world’s most dynamic markets. That is good for jobs and for every Canadian’s longer-term prosperity,” Champagne said.
While in Chile, Champagne will meet with his counterparts from Argentina, Brazil, Paraguay and Uruguay, the so-called Mercosur trade bloc countries, to start exploratory talks about forming a comprehensive trade pact between those five nations.
While the trade ministers from all 11 nations are expected to sign the pact Thursday, the legislative bodies from each of the member countries must still ratify the deal.