
On December 30, 2018 Canada entered into the widely discussed Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) along with six other nations within the Asia-Pacific region. The trade agreement, once fully implemented, will bring together approximately 500 million people from across 11 nations including Australia, Brunei, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam, to provide preferential access to markets across four continents. In both Canada and Australia, there has been extensive discussion among business operators, the media and the general public about the trade agreement and its impact on Canadian and Australian businesses. But what does the trade agreement actually mean for the citizens of these 11 countries? How will it change the way we do business or invest? And, specifically, what does it mean for both Australia and Canada – two countries with uncannily similar histories, growth and cultures despite the oceanic distance? Tell me simply, what does the agreement do? In simple terms, through the agreement, trade and investment rules are simplified to ensure trade is fairer, more predictable and helps reduce the number of logistic resources required. The agreement seeks to offer foreign direct investors enhanced protection, predictability and transparency for their investments. The agreement also provides greater access to fast growing markets across the four continents – North America, South America, Asia and Australia. So, what does the agreement mean for Australia and Canada? Canada itself has accomplished a significant feat as a result of entering into the CPTPP agreement. Canada is believed to be the only G7 nation with free trade access across the Americas, Europe and the Asia-Pacific region, putting it in a truly unique place on the global stage when it comes to trade and investment. From a Canadian perspective, the agreement is expected to inject $4.2 billion into...
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