Tentative TPP deal reached

Negotiators from 12 countries have reached a tentative agreement in The Trans-Pacific Partnership.

The deal reduces many current trade barriers faced by Canadians. Businesses in the high-tech sector, farmers and many other industries could gain more access to international markets.

Canada’s protected dairy industry will see a small rise in imports allowed into the country. The auto industry will see larger changes.

NAFTA currently requires cars to have a 62.5 per cent content made within the three countries to avoid being taxed by the Canadian government. Under the TPP it will go down to 45 per cent content made by any country signed on the deal.

The agreement in principle has to be ratified by each country before it can be finalized. The agreement will go before Canadian Parliament when it resumes post-election.