The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) includes a bilateral agreement between Canada and Australia that is commonly referred to as the Canada-Australia (CSA) Agreement. This agreement has brought about significant benefits for both countries by reducing barriers to trade and facilitating economic growth.
The CSA agreement was established in 2018 and serves as a complement to the larger CPTPP agreement. The agreement covers a wide range of sectors, including agriculture, mining, and services. The agreement also includes provisions related to labor rights, intellectual property, and environmental protection.
One of the key benefits of the CSA agreement is the removal of tariffs and other barriers to trade between the two countries. This has led to increased trade between Canada and Australia, resulting in greater economic growth for both countries. In addition, the agreement has helped to diversify trade for both countries, reducing their reliance on a single trading partner.
The CSA agreement has also created opportunities for businesses to expand their operations to new markets. Companies in both countries are now able to access new markets and customers, leading to increased revenue and growth. This has also resulted in job creation and increased competition, further benefiting both economies.
Another important aspect of the CSA agreement is its focus on environmental protection and labor rights. The agreement includes provisions related to sustainable development, biodiversity, and climate change. It also includes provisions related to the protection of workers` rights, including the elimination of forced labor and child labor.
Overall, the Canada-Australia bilateral agreement under the CPTPP has brought about significant benefits for both countries. By reducing barriers to trade and facilitating economic growth, the agreement has created opportunities for businesses to expand their operations and access new markets. Additionally, the focus on environmental protection and labor rights has ensured that economic growth is sustainable and beneficial for all.