Bill Detail
An Act to implement the Protocol on the Accession of the United Kingdom of Great Britain and Northern Ireland to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership ✓ Became Law
This enactment implements the Protocol on the Accession of the United Kingdom of Great Britain and Northern Ireland to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, done at Auckland and Bandar Seri Begawan on July 16, 2023, by updating how that Agreement is defined or referred to in certain Acts and by amending other Acts to bring them into conformity with Canada’s obligations under that Agreement and Protocol.
This bill implements a trade agreement that allows the United Kingdom to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). It updates Canadian laws to align with the terms of this expanded trade deal, ensuring Canada meets its international obligations.
Key changes involve modifying how certain trade agreements are referenced in Canadian legislation and introducing new rules for foreign entities, particularly in the banking and insurance sectors. These adjustments aim to facilitate trade and investment within the expanded CPTPP framework, affecting businesses and potentially consumers involved in international trade with the UK and other CPTPP members.