12 members of the Trans-Pacific Partnership, including Canada has tentatively struck a deal in Atlanta early Monday morning that will eliminate most tariffs in a region spanning roughly 40 per cent of the global economy. Canada has sacrificed some long-held protections for the country’s dairy, poultry and auto industries to gain entry. The winners of the deal include beef, barley, pork, fish and canola exporters but the government will spend $4.3-billion over 15 years to compensate dairy, chicken and egg farmers. The TPP will also reduce some of the protection now provided to the Canadian auto industry. Canada’s 6.1-per-cent tariff on imported vehicles will be phased out over five years.
The TPP member countries are Canada, the U.S., Mexico, Japan, Australia, New Zealand, Vietnam, Malaysia, Peru, Chile, Singapore and Brunei.
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