Canada concludes free trade agreement with Trans-Pacific partners

The government of Canada on Monday announced that members of the Trans-Pacific Partnership (TPP) have successfully reached a free trade agreement after trade officials of TPP members concluded negotiations in Atlanta, U.S. state of Georgia. in the same day.

The Canadian Ministry of Foreign Affairs, Trade and Development, declared in a press release issued Monday that the just reached free trade agreement "will benefit Canada's economy."

The Trans-Pacific Partnership would affect 40 percent of the world economy. Trade officials had originally planned to wrap up the talks in Atlanta, capital of the U.S. state of Georgia, Thursday, but a final deal was delayed by bitter fight over agricultural market access, rules of origin for autos and intellectual property protection for a new generation of drugs known as biologics.

As Canada, the third-largest economy in the TPP framework after the U.S. and Japan, has shifted into federal election campaign mode, trade ministers were under pressure to get an agreement before the Canadian federal election set on Oct. 19.

While Canadian Prime Minister Stephen Harper is a strong supporter of the TPP, his prospect in the federal election remains unclear.

Tom Mulcair, the leader of Canada's New Democrat Party, which until recently was leading the polls, warned Friday that the new government he may form will not be bound by any TPP deal signed by Harper if he wins the federal election.

Canadian Prime Minister Steven Harper said Monday that if he is reelected, his conservative government will ratify and implement the historic agreement.

He added that as with all trade agreements, TPP deal would be subject to full parliamentary review and approval before it is passed and brought into force in Canada.

The TPP talks involve Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States and Vietnam. Endit