On February 20th, the text of the new Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) was released to the public. The text can be accessed online through the following link: http://international.gc.ca/trade-commerce/trade-agreements-accords-commerciaux/agr-acc/cptpp-ptpgp/text-texte/index.aspx?lang=eng&utm_campaign=cptpp&utm_source=news&utm_medium=mailout_en.
The text of the CPTPP is very concise, consisting of only seven articles and one brief annex. However, Article 1 incorporates the consolidated text of the Trans-Pacific Partnership (TPP), by reference, and makes it part of the CPTPP (while specifying that the CPTPP shall prevail to the extent of any inconsistency). Article 2 operates to indefinitely suspend the TPP provisions listed in the CPTPP Annex. This list includes the TPP provisions that the parties agreed to suspend in paragraph 3 and Annex II of the Ministerial Statement issued in November 2017 (available online through the following link: http://www.international.gc.ca/trade-commerce/trade-agreements-accords-commerciaux/agr-acc/tpp-ptp/statement-declaration.aspx?lang=eng), and reflects additional negotiated outcomes that have since been finalized. The remaining provisions are administrative in nature, providing for the entry into force of the CPTPP, withdrawal, accession, review of the Agreement under certain circumstances (e.g., the entry into force of the TPP is imminent), and the authenticity and priority of the English, Spanish, and French texts.
The text of the new bilateral side-letters, which will provide the more substantive negotiated outcomes of the CPTPP, have not yet been released to the public, but “are expected to follow as soon as possible” (see Global Affairs Canada, “Minister Champagne welcomes release of full text of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership”, News Release (February 20, 2018), available online at https://www.canada.ca/en/global-affairs/news/2018/02/minister_champagnewelcomesreleaseoffulltextofthecomprehensiveand.html).
Tereposky & DeRose regularly provides advice on international trade agreements, including the NAFTA, the CETA, and the forthcoming CPTPP. Should you have any questions regarding potential opportunities under these trade agreements or any other trade related issues, we are at your disposal.