The governments of Canada and eleven other countries announced that they have successfully concluded negotiations on the Trans-Pacific Partnership (TPP) free trade agreement.
The TPP will eliminate or reduce tariff and non-tariff barriers across substantially all trade in goods and services and cover the full spectrum of trade, including goods and services trade and investment. Once in force, the Trans-Pacific Partnership (TPP) will be the most comprehensive trade agreement in the world.
It currently comprises 12 countries (Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States and Vietnam) representing a combined market of nearly 800 million people and a gross domestic product (GDP) of $28.5 trillion.
The final text of the agreement will not be available for several weeks as it undergoes legal scrutiny and translation.
The agreement will then have to be approved and implemented by the legislative authorities in each participating country, a task that is expected to take a bit more than one year.