Canada ratified the agreement on TRANS-Pacific trade partnership

© AFP 2018 / Lars HagbergЗдание of the Parliament of Canada in Ottawa. Archival photoCanada ratified the agreement on TRANS-Pacific trade partnership© AFP 2018 / Lars Hagberg

The Senate of the Parliament of Canada approved the agreement on TRANS-Pacific trade partnership (Trans-Pacific Partnership, TPP).

On the legislature’s website States that the decision of senators has already received Royal assent, necessary for Canada as a member of the British Commonwealth of Nations. The house of representatives approved the agreement in September.

The TV station CBC notes that the agreement will enter into force 60 days after six of the 11 parties to the Treaty would complete the ratification process.

In addition to Canada while the agreement was ratified by four countries — New Zealand, Mexico, Japan and Singapore. It is expected that soon to be joined by Vietnam and Australia.

The original TPP agreement was signed in 2016. Parties to the agreement were 12 countries: USA, Canada, Australia, New Zealand, Singapore, Malaysia, Brunei, Vietnam, Japan, Mexico, Chile and Peru. Under the agreement entailed the establishment of a free trade zone in the Asia-Pacific region.

However, in January 2017, the President of the United States Donald trump has signed a decree on the withdrawal from the agreement, after which the remaining 11 countries in the TPP have formed a Comprehensive and progressive TRANS-Pacific partnership (ITTP), signed on 8 March 2018 in Chile.