Pacific trade pact aims to boost exports

The Latest Modi draws crowd for keynote speech at Davos

Like any trade deal, there's good news and bad news in TPP II for Canada; the big win is access to the Japanese market, which will be a big boost for grain producers and the beef and cattle industry.

Speaking at the World Economic Forum in Davos, Switzerland, Canadian Prime Minister Justin Trudeau called the agreement the "right deal".

"But at this stage, what we've been able to do is to conclude the negotiations on the TPP 11 and it will go forward, as you've seen, including with the support of Canada - and Prime Minister Trudeau has confirmed that - and the signing is planned for March in Chile".

Farmers are applauding announcement of a new Trans-Pacific Partnership trade agreement.

Abe has painted the deal as a spur to growth and reform in Japan and a symbol of commitment to free and multilateral trade at a time when Trump stresses "America First" policies.

The U.S. pulled out of the deal past year, with the remaining 11 members expected to sign the agreement by early March.

Australian Prime Minister Malcolm Turnbull said last week that the new agreement would leave a door open for eventual United States participation.

"I think the TPP has become a symbol of open markets, against the Trump unilateralism, but if you actually look at what is in the TPP it does reinforce monopolies which are the opposite of open markets", she said.

Trade officials signed off on a final text earlier in the day after a meeting in Tokyo to overcome challenges such as Canada's insistence on protection of its cultural industries.

The timing of the deal is significant for Canada, which is trying to diversify its exports.

The sixth round of NAFTA negotiations began Tuesday in Montreal.

Vietnam's request for postponing the introduction of rules to resolve labor disputes and the Canadian demand for limiting foreign investment to protect movies and other domestic cultures will not be frozen but be reflected to a certain extent in bilateral agreements between the members, informed sources said. Trump is threatening to kill that deal if provisions favoring Americans, particularly in the auto sector, are not included.

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