Canada forms new trade agreement sans US

ANI | Updated: Jan 24, 2018 03:56 IST

Ottawa [Canada], Jan 24 (ANI): Canadian Prime Minister Justin Trudeau announced that Canada and 10 other countries would form a new Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) agreement, which would work towards creating a revised trade agreement.

However, the revised trade agreement does not include the United States, who had withdrawn in January last year, The Hill reported.

In a statement, Trudeau said, "Strengthening Canada's economic relationship with countries in the large and economically fast-growing Asia-Pacific region, to support prosperity and create jobs for our middle class is a priority for Canada."

"To that end, Canada has been working very hard on the new CPTPP, from spearheading the first meetings of officials in May 2017 to proposing several suspensions and changes to secure better terms for Canadians throughout this burgeoning region," he added in the statement.

Trudeau said that the country had shown that it "can and will work hard to set the terms of trade so that the middle class can compete and win on the world stage."

For better trading relations and to reduce dependence on Chinese trade, the CPTPP was signed on February 4, last year along with the United States.

After US' withdrawal, it now includes Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.

US President Donald Trump had signed an executive order to withdraw his country from the trade agreement because he said that "it was not good for the American workers and manufacturing." (ANI)