Revised TPP text ready to be signed by 11 members on March 8

The recently rebooted Trans-Pacific Partnership has moved a step closer to becoming reality for Canada.

International Trade Minister Francois-Philippe Champagne says the full text of the 11-nation trade pact, now known as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, has been released and will be signed March 8 in Chile.

And a new economic analysis of the deal suggests that the net benefits are greater for Canada now that the United States has withdrawn from the agreement.

The destiny of the trade pact was cast into doubt late last year after President Donald Trump pulled the U.S. out. But Canada and the remaining members of the old TPP agreed to a revised trade agreement on Jan. 23 that would forge ahead without the United States.

The U.S. pullout left Japan as the largest player in the revised 11-nation pact that spans two hemispheres and includes both U.S. neighbours.

"Through the CPTPP, Canada will soon have preferential access to half a billion consumers in the world’s most dynamic and fast-growing market," said Champagne in a statement late Tuesday.

“We wanted a good deal, and that’s what we got for Canadian workers and their families."

An analysis of the CPTPP released last week by Global Affairs Canada concluded that the agreement would generate long-term economic gains for Canada totalling $4.2 billion, up from the $3.4 billion that was expected under the old TPP. The increase is due to improved access to member nations in the absence of U.S. competition.

The analysis said the gains would cover a broad range of sectors, including some agricultural products such as pork and beef, wood products, machinery and equipment, and transportation equipment. The impacts on the automotive sector are slight, with a small increase in output and exports.

The federal government says the trade pact covers 495 million people with a combined gross domestic product of $13.5 trillion, or 13.5 per cent of global GDP.

The 11 nations in the CPTPP are Canada, Australia, Brunei, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.