Trans-Pacific Partnership: What's in it for Canada?

The CBC's James Fitz-Morris explains what the massive Trans-Pacific Partnership trade agreement could mean for Canada. The deal could spell trouble for our dairy and automotive industries, but also be a boon for other parts of our economy.

Dairy, automotive sectors could face major disruption if deal is signed

The CBC's James Fitz-Morris explains what exactly the Trans-Pacific Partnership could mean for Canada. Could it be a boon for the economy? 1:36

Trade negotiators for the 12 countries involved in the Trans-Pacific Partnership (TPP) talks have assembled in Atlanta this week, hoping to hammer out the final details of a massive free trade agreement.

The deal is significant for the global economy, in part because some 800 million people would live in the new free trade zone and nearly 40 per cent of the global economy would fall under its auspices.

But what could this massive deal mean for Canada? The talks already have the dairy and automotive industries crying foul. Japan and South Korea want greater access to the North American automotive and auto parts market, a move that could lead to job losses and closed manufacturing plants here.

Australia, New Zealand and the U.S. want Canada to open up the highly restricted dairy market, which is currently a supply management system protected by high tariffs. The dairy industry has said that any further liberalization could lead to "annihilation."

Some observers also say the deal could lower health and safety standards in this country. Others, including trade experts, say the deal could be a boon for other parts of the Canadian economy including beef and canola exporters and financial services.

While there might be trade-offs, the deal could be in Canada's best interest. Watch the video explainer above from the CBC's James Fitz-Morris to see what effects the trade deal would have on Canada.