The world's biggest ever trade deal was signed into existence on Monday.

The Trans-Pacific Partnership (TPP) cuts trade tariffs and sets common standards in trade for 12 Pacific rim countries, including the US, [Canada], and Japan.

It marks the end of five years of often bitter and tense negotiations.

Supporters say it could be worth billions of dollars to the countries involved but critics say it was negotiated in secret and is biased towards corporations.

The deal covers about 40% of the world economy and was signed after five days of talks in Atlanta in the US.

Despite the success of the negotiations, the deal still has to be ratified by lawmakers in each country.

(exerpt from the BBC : http://www.bbc.com/news/business-34444799)

What does it mean for Canada?

PHOTO CRED: The Canadian Press

Here are some highlights of the 12-country Trans-Pacific Partnership agreement as described by the Canadian government Monday as it shared details of a deal to create the largest-ever regional trading bloc.

E L I M I N A T E S , R E D U C E S T A R I F F S

PHOTO CRED: The Canadian Press

Elimination or reduction of tariffs on a broad series of products including pork, fruits, wines and spirits, canola, barley, machinery, minerals and forestry products. As one example, the beef industry expects to see exports triple to Japan, with a multi-year phase-out in tariffs there from 39 per cent to nine per cent.

M A J O R C H A N G E S F O R T H E A U T O I N D U S T R Y

PHOTO CRED: The Canadian Press

More foreign car parts likely entering Canada, likely benefiting producers and consumers but hurting some auto workers. Cars will be allowed without tariffs as long as they have 45-per-cent content from the TPP region.

That's significantly down from the 62.5 per cent regional-content provision under NAFTA, which mostly kept out pieces from places like China and Thailand. But the formula is more complex than that: the government says it will "encourage" producers to use Canadian ingredients, parts and materials when making goods exported to other TPP countries.

M O R E F O R E I G N D A I R Y P R O D U C T S

PHOTO CRED: The Canadian Press

Canada's protected dairy sector remains mostly intact. Currently, 10 per cent is set aside for foreign products. Now another 3.25 per cent share of imports would be allowed. An even smaller rate of imports will be allowed for supply-managed sectors including eggs, chicken and turkey.

Farmers will be compensated for losses under the TPP and the recent Canada-EU deal, through a multibillion-dollar series of programs. The most important will see farmers paid up-front annually over 10 years to maintain 100 per cent income protection, and the program would taper off the five following years.

The program is worth about $4.3 billion. Smaller programs apply to quota-protection, modernizing equipment, and marketing assistance.

' B U Y A M E R I C A N ' P R O V I S I O N S M A I N T A I N E D

PHOTO CRED: The Canadian Press

Buy American provisions won't disappear. The deal does not eliminate buy-local provisions for state- and municipal-level infrastructure projects. But it does simplify bidding for contracts with six regional U.S. power authorities, and also addresses sub-national procurement with some smaller countries.

W O R K E R S ' R I G H T S

PHOTO CRED: The Canadian Press

Better labour mobility for some high-skilled and business workers.

New workers' rights, including rules on child labour, forced labour and discrimination.

L O N G E R P A T E N T - S T Y L E P R O T E C T I O N S F O R D R U G S

PHOTO CRED: The Canadian Press

Next-generation pharmaceuticals, including cell-based biologics, will have patent-style protections for eight years. That's in line with Canadian policy, but will disappoint some countries who declared anything beyond five years would be unacceptably expensive for patients and taxpayers.

P R O T E C T I N G D I G I T A L E C O N O M Y

PHOTO CRED: The Canadian Press

Rules protecting the digital economy, and practices likes cloud computing. It would prevent national governments from cutting off data flows, by limiting laws that require local storage of data.

N E W R U L E S A R O U N D S T A T E - O W N E D E N T E R P R I S E S

PHOTO CRED: The Canadian Press

State-owned enterprises will face more regulation. Companies backed by governments will have new transparency requirements and rules when competing with private companies. The government says cultural exemptions would protect the CBC and Telefilm Canada.

(Article by CBC : http://www.cbc.ca/news/politics/canada-election-2015-tpp-trade-deal-highlights-1.3257397)

What Do Canadian Election Frontrunners Have To Say?

"This deal is, without any doubt whatsoever, in the best interests of the Canadian economy," Harper told a news conference Monday after the deal was announced.

"Ten years from now, I predict with 100 per cent certainty people are looking back, they will say if we've got in it, they'll say that was a great thing. And if we haven't, they'll say that was a terrible error."

- Stephen Harper, Conservative Party

Tom Mulcair demanded that the Conservatives release a full text of the agreement before Canadians go to the polls on Oct. 19. An NDP government would not be bound by what amounts to a "secret deal" that sacrifices farming families and betrays the auto sector, signed by the Tories just weeks head of election day.

"If elected, Canada will not be party of an agreement that removes 200,000 Canadians jobs — period,"

- Thomas Mulcair, New Democrat Party

"I look forward to seeing the details of the deal, but we go into it from the position of being resolutely and consistently, I might add, pro-trade."

- Justin Trudeau, Liberal Party

"The Green Party has serious concerns with the fundamentally undemocratic and non-transparent nature of the negotiations surrounding the Trans-Pacific Partnership."

- Elizabeth May, Green Party

(Exerpts from CBC : http://www.cbc.ca/news/politics/canada-election-2015-tpp-agreement-atlanta-1.3254569)

Platinum Members

Subscribe to our WeChat by holding & extracting the QR code below