The last domestic legislative hurdle to enacting the CPTPP trade deal with Pacific rim countries has been cleared.
The deal was approved by senate and received Royal Assent the afternoon of Oct. 25.
The moves makes Canada one of the first countries to ratify the 11 nation deal which comes into effect once the first six signatories confirm the deal through legislative channels.
Being in the first six confers a headstart advantage on Canada and other early-movers, allowing them time to carve out market share ahead of the remaining five nations.
The deal was endangered after U.S. president Donald Trump pulled that country out of the deal immediately after being sworn into office last January.
Agriculture groups in Canada within the export-oriented commodities such as grain and red meat have been particularly vocal in their support, while supply-managed commodity organizations such as dairy produce groups have fretted over new market access for imported products.
A senate committee studied the legislation and released a report Oct. 25 that said the government needed to work hard to ensure Canadian companies got the maximum benefit of the agreement and also offset any “adverse impacts” like new competition and potential job losses in some sectors.
More details to come.Tagged CPTPP, international trade