Twelve nations Trans-Pacific deal reached
Atlanta – A tentative deal on Trans-Pacific Partnership was reached in Atlanta between 12 nations including Canada. Prime Minister Stephan Harper has billed it the largest-ever deal of its kind. The deal would cover 40 per cent of the world’s economy.
“Each one of us comes to the table with a clear goal of promoting and defending the interests of our own countries, of our own economies,” International Trade Minister Ed Fast told the closing news conference.
The proposed agreement reduces or eliminates barriers in a wide range of sectors and could lead to more Canadian exports of pork, beef, canola, high-tech machinery and a variety of other products.Other parts will be controversial in Canada. Cars will be allowed without tariffs, as long as they have 45-per-cent content from the TPP region — lower than the 62.5 per cent regional-content provision under NAFTA. Canada’s protected dairy sector remains mostly intact, with a modest increase in permitted imports for supply-managed sectors. Farmers will be compensated for losses through a multibillion-dollar series of programs.The deal needs to be ratified in national parliaments.