Québec businesses are now enjoying the benefits of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP, in force since 2019), which consists of 10 markets including Japan, Australia, Singapore and Vietnam, as well as the Canada-Korea Free Trade Agreement (CKFTA, since 2015).
These two trade agreements provide preferential access to an area with more than 550 million consumers, representing nearly C$5.5 billion annually for Québec. These agreements ensure, among other things, the elimination of tariffs on almost all exported Québec products (which can range from 3% to 38%). The agreements also provide a number of other benefits, including temporary entry for Canadian personnel and access to government contracts.
Understanding and using these agreements effectively contributes to the positioning of companies in major diversification markets such as Japan, South Korea, Australia, Singapore and Vietnam.