CPTPP struggles as Canada grapples with changes in global trade dynamics
- The Comprehensive and Progressive Agreement for Trans-Pacific Partnership was discussed at a recent meeting in Vancouver.
- The agreement faces challenges amid growing global trade tensions and a focus on economic security.
- New approaches may be required to adapt the CPTPP framework to current trade realities.
In Vancouver, Canada, trade ministers from countries around the Pacific gathered for discussions related to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). This meeting occurred at a time of significant shifts in international trade dynamics, particularly regarding the pressures facing rules-based trade agreements. The CPTPP, which emerged during a period of globalization endorsed by various political leaders, is now viewed as increasingly outdated as global trade tensions rise. The challenges are compounded by the complexities of geopolitical interests, especially with China, which continues to resist aligning with liberal-market economic principles. Since the U.S. withdrawal from the agreement in 2017, the CPTPP has struggled to maintain its relevance in a world where economic security is taking precedence over free trade ideals. Observers recognize the need for innovative policies that can adapt the CPTPP framework to current realities, potentially through sector-specific agreements that focus on addressing market access and industrial protections.