Minister of International Trade Francois-Philippe Champagne at the signing ceremony of the CPTPP in Santiago, Chile on March 8, 2018. (Photo: AFP/TTXVN)

The trade pact replaces the Trans-Pacific Partnership (TPP) agreement after the US withdrew from the deal. Champagne stressed that the CPTPP is Canada’s most important trade agreement after the North American Free Trade Agreement (NAFTA). The CPTPP, along with NAFTA and free trade agreements with the European Union (CETA) and South Korea, will make Canada the only G7 nation with free trade access to the Americas, Europe, and Asia.

The CPTPP was officially signed by representatives from 11 nations, including Australia, Japan, Singapore, and Vietnam in Santiago, Chile in March. The pact is expected to create the largest free-trade zone in the world, with a market encompassing nearly 500 million people and representing about 13.5% of the global gross domestic product.