Canada to review TPP deal, including $3 billion funds for farmers

Canada is looking into the Trans-Pacific Partnership trade deal, including the farmer funds worth C$4.3 billion, or $3 billion.

In a report by Bloomberg, Trade Minister Chrystia Freeland said Wednesday that the country's Liberal government is reviewing all the aspects involved in the TPP deal. Newly elected Prime Minister Justin Trudeau has a totally different take on the deal than his predecessor. His administration vows to bring the matter into a debate in the parliament before settling into any agreement.

"We are a trading nation and we as a government understand the importance of trade for Canada and for a middle-class prosperity agenda," Freeland said during the Asia-Pacific Economic Cooperation summit in the Philippines. "Our job now is to carefully review the text and consult with Canadians and stakeholders about it."

According to The Province, Freeland said the Canadian government does not necessarily have to adhere to the Conservatives' compensation commitment on the deal. Stephen Harper approved the fund during the election period. This means the 12-country Pacific Rim trade is not yet a done deal.

The Asian Pacific Post the TPP can lower the tariffs and sets a single standard for 12 countries involved in a market that is worth a combined $28.5 trillion, which is 40 percent of the world's economy. Canada is a country of free traders, and is expected to come to agreement with the deal easily. However, this is not the case as Canada is slow to embrace the deal. This is considered a landmark deal for the country, making it an early policy victory for the Liberal government. For the deal to be ratified, Canada has to bring the visions and advantages of the deal in line with the public concern.

During the APEC leaders' summit in the Philippines Wednesday, US President Barack Obama pitched the leaders of the countries involved in the TPP deal to ratify it as soon as possible.