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Canada to sign Asia trade pact, but undecided on ratification

Published 2016-01-25, 12:05 p/m
© Reuters. Canada to sign Asia trade pact, but undecided on ratification

By David Ljunggren
OTTAWA, Jan 25 (Reuters) - Canada's new Liberal government
will take the "technical step" of signing a 12-nation trade deal
next week but has not yet decided whether to formally ratify the
agreement, Trade Minister Chrystia Freeland said on Monday.
Canada is one of 12 nations that initialed the Trans-Pacific
Partnership (TPP) in early October after years of talks,
agreeing in principle to create a trade zone covering 40 percent
of the world's economy.
The TPP was negotiated by the former Conservative government
and the Liberals, under pressure from labor unions fretting
about possible job losses, have launched wide-ranging public
consultations.
Freeland said in an open letter that for the consultations
to continue, Canada needed to stay at the table.
"That means when the eleven other countries convene to sign
the agreement next week, Canada will attend as well," she said.
"Signing does not equal ratifying, ... (it) is simply a
technical step," she added.
Once all 12 nations have signed, each will then have two
years to ratify the deal.
Reuters revealed in December that Canada was most likely to
sign the deal but would hold off on ratification until it could
judge whether resistance in the U.S. Congress was likely to kill
the agreement.
Freeland indicated the process of consultations, including a
debate in Parliament and examination by a formal committee,
would continue for months.
"Just as it is too soon to endorse TPP, it is also too soon
to close the door," she said in the letter.

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