One of the biggest news not just in the business world but the world in general thats been taking over all of media; Canada along with 11 other Asia- Pacific countries have signed an agreement known as the TTP(Trans-Pacific Partnership), which allows free trade amongst these 12 countries. This is the biggest trade agreement in the world to have ever occurred.
In my opinion, this agreement could be very beneficial for Canada. In contrast to NAFTA, the previous trade agreement between Canada, the US and Mexico, TTP benefits Canada on a larger scale by providing consumers and producers easier access to 9 additional global markets, allowing us to freely trade goods with them without any additional taxes. Also, prices for expensive goods such as vehicles from Japan, will decrease for consumers in Canada. I find that very convenient since Japanese cars are the most common in Canada and also because I am looking to purchase a vehicle soon! In addition, since other countries don’t pay tariffs on goods from Canada, they will be willing to import more goods from us, thus helping the Canadian economy. Ultimately, Canada gains a competitive advantage over its rival countries that are not part of the TTP and are still subject to existing tariffs. This new agreement is a huge step for Canada that will greatly impact the economy and all the people in it.
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