New Free-trade Deal Covers Market of 500 million

Eleven nations in the Asia–Pacific region, including Canada and Japan, have signed the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), Global News reported on March 8.

Formerly the Trans-Pacific Partnership, the free-trade deal was thrown into limbo early last year when the United States withdrew from the agreement. The accord, which was finalized in January, will reduce countries’ tariffs that together amount to more than 13 per cent of the global economy. The deal covers a market of nearly 500 million people, making it one of the world’s three largest trade agreements.

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