Question Period Note: COMPREHENSIVE AND PROGRESSIVE AGREEMENT FOR TRANS-PACIFIC PARTNERSHIP (CPTPP)

Recent successes of the CPTPP

• The Comprehensive and Progressive Agreement for the Trans-Pacific partnership (CPTPP) cements Canada's role in the Indo-Pacific region, connecting us to supply chains and allowing us to influence regional trade rules.
• Throughout the pandemic the CPTPP delivered benefits for Canadians. Total goods trade with Vietnam is up almost 40%, with notable increases in wheat, pork and beef exports. Exports to Australia, Japan New Zealand and Singapore increased by 9.1% compared to pre-Agreement levels.
• In addition to enhancing market access in vibrant Asia-Pacific markets, the CPTPP diversifies Canada's supply chains, reduces risk, paperwork and costs, making Canadian exports more price-competitive.
• The high level of interest in accession to the CPTPP is a testament to its success. The ongoing U.K. accession process to the CPTPP strengthens rules-based trade in the region and around the world - Canada is active in that process and defending Canadian interests.
• By working with CPTPP partners to maximize and expand the benefits of the Agreement, Canada is playing a critical role in strengthening the rules-based international trading system.

Through the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), Canada has preferential access to almost half a billion consumers in some of the world's most dynamic and fast-growing markets, which will help to diversify trade, make supply chains more resilient, and support the post-pandemic economic recovery. The CPTPP is in force for eight countries, Canada Australia, Japan, Mexico, New Zealand, Peru, Singapore and Vietnam. For the remaining signatories (Brunei, Chile, and Malaysia), the CPTPP will enter into force 60 days after that country ratifies the Agreement. On June 1, 2021, CPTPP Parties agreed to launch accession discussions with the United Kingdom. If the U.K. accession is successful, a fully implemented CPTPP would cover 16% of global GDP and include three G7 economies. China and Taiwan have formally applied for CPTPP accession but Parties have not launched an accession process with either applicant. Negotiations with an aspirant economy would only start with the consensus of all Parties. Other economies, including Ecuador, South Korea, Thailand and the Philippines have publicly expressed interest in accession in the near-to-medium term.

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