Canada has been successfully ex-panding its existing air transport agreements to facilitate smooth movement of cargo and people. Under its Blue Sky Policy, Canada has concluded new or expanded air transport agreements covering 107 countries so far.
The most recent country to enjoy the benefits of an air transport agreement with Canada is Chile. While the original Canada-Chile agreement entered into force in February 2005, the expanded Canada-Chile Air Transport Agreement will facilitate improved market access for passenger and cargo services, adding to growth of businesses.
Canada is uniquely positioned for air cargo growth as it has trade agreements with all the other G7 countries (France, Germany, Italy, Japan, United Kingdom, USA), as well as trade agreements like the Comprehensive Progressive Trans Pacific Partnership (CPTPP). The CPTPP is a free trade agreement between Canada and 10 other countries in the Asia-Pacific region: Australia, Brunei, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. As of today, the CPTPP is into force among Canada, Australia, Japan, Mexico, New Zealand, Singapore, and Vietnam that have ratified the agreement.
If all goes well, the renegotiated USMexico-Canada trade agreement (USMCA) could replace the trillion-dollar North American Free Trade Agreement (NAFTA). Last year, after nearly 13 months of negotiations, the three countries signed an agreement to replace NAFTA, and currently the trade deal awaits ratification from US and Canada. Mexico became the first nation to ratify the deal, while Canadian prime minister Justin Trudeau tabled the bill to ratify it in May this year. The unlikely hiccup has come in the form of an impeachment inquiry against US president Donald Trump, which could derail the reworked pact. However, US trade representative Robert Lighthizer recently told reporters that the trade deal would still be approved.
This story is from the October 2019 edition of The STAT Trade Times.
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This story is from the October 2019 edition of The STAT Trade Times.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
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