Canadian Prime Minister Justin Trudeau said on Tuesday negotiations had concluded on what is now known as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
Senior officials have now resolved outstanding issues, finalized the list of suspended provisions and completed the legal verification of the agreement, Bloomberg reported.
The whole agreement looked like it might collapse after contentious negotiations in November, when Canada’s participation was thrown into doubt, but several issues have since been resolved.
The Canadian Produce Marketing Association (CPMA) has welcomed this latest development, saying the CPTPP was “an important agreement that will allow greater access for the fresh produce industry in the Asia-Pacific region.”
In particular, CPMA is pleased with the provisions found in the Sanitary and Phytosanitary chapter and the gains made in market access to crucial economies like Japan.
“The fresh produce industry sees tremendous opportunity in increasing its trade with members of the new CPTPP”, said CPMA President Ron Lemaire in a statement.
Australian Trade Minister Steve Ciobo reportedly said the Asia-Pacific countries were “finally at the finish line” following talks between officials in Tokyo.
“It will drive Australian exports and create new Australian jobs,” Ciobo was quoted as saying by ABC News.
Japan Economy Minister Toshimitsu Motegi said the new agreement would be an “engine to overcome protectionism”, according to Radio New Zealand.
The following countries make up the agreement: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.