Prime Minister Julia Gillard and Minister for Trade and Competitiveness Craig Emerson today welcomed Canada as the 11th member of the Trans-Pacific Partnership (TPP).
Canada's inclusion was announced during the G20 Leaders' Summit in Los Cabos, a day after the inclusion of Mexico.
The Prime Minister said adding these two economies to the existing group would help give further shape to the TPP initiative, which aims to improve competitiveness, benefit consumers and reduce poverty in the Asia-Pacific region.
The goal is to conclude an ambitious, comprehensive regional agreement that liberalises trade and investment, including through duty-free access to goods markets and the lifting of restrictions on services and investment.
The 11-party Trans-Pacific Partnership now accounts for nearly 30 per cent of global GDP.
In joining the TPP, Canada has committed to the common vision set out last year by TPP Leaders in Honolulu.
The TPP has the potential to form a basis for free trade across the Asia-Pacific region and will contribute to Australia's efforts to achieve global trade liberalisation.
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