Canada, 10 Pacific-region nations, finalize sweeping trade pact

Canada has joined 10 other Pacific region countries in a sweeping new trade deal, one that Ottawa touts as a progressive step forward but critics warn puts the country’s auto sector at risk.

The revised Trans-Pacific trade deal, called the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, was finalized in Japan Tuesday, a reality few thought possible a year ago after President Donald Trump pulled the United States from agreement.

But the remaining nations, led by Japan, revived the pact with negotiations producing a finalized trade agreement, billed as the largest in the world.

“It’s a great day for progressive trade around the world,” Prime Minister Justin Trudeau told a business audience in Davos, Switzerland, where he is attending the World Economic Forum.

“The agreement reached in Tokyo today is the right deal,” said Trudeau, who stayed away from a meeting of TPP leaders in November in order to press for better terms. Read more…