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Cfta Agreement Canada

The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), also known as the CFT Free Trade Agreement (CFTA), is a trade agreement between Canada and 10 other Pacific Rim countries. It was signed on March 8, 2018, and entered into force on December 30, 2018.

The CPTPP is one of the largest free trade agreements in the world, covering a market of over 495 million people and a combined GDP of $13.5 trillion. It aims to reduce tariffs, promote trade liberalization, and facilitate economic integration among its member countries.

Under the agreement, Canada has gained access to new markets in Japan, Vietnam, Malaysia, and New Zealand, among others. Canadian exporters are now able to sell their goods and services to these markets without facing high tariffs or other trade barriers.

In addition to improving market access for Canadian businesses, the CPTPP also includes provisions to protect intellectual property, labor rights, and the environment. It also includes chapters on digital trade, which aim to establish rules for e-commerce and data flows.

According to the Canadian government, the CPTPP is expected to increase Canada`s GDP by $4.2 billion and create 16,000 new jobs. The agreement has also been lauded as a way to promote economic growth and development in the Asia-Pacific region.

However, the CPTPP has not been without controversy. Critics argue that the agreement will lead to job losses and lower wages in certain sectors, such as manufacturing and agriculture. Others have criticized the agreement`s investor-state dispute settlement mechanism, which allows foreign corporations to sue governments over regulations that they believe could harm their profits.

Nevertheless, the CPTPP is a significant development in Canada`s trade relationships with Asia-Pacific countries. By eliminating trade barriers and promoting economic integration, the agreement has the potential to benefit Canadian businesses and consumers alike.