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How can we put global trade back on track? The Trans-Pacific Partnership is the first element of the answer.

Countries that have an active trade agenda need to band together and set the rules themselves, instead of pushing for individual and less effective agreements. Canada in particular cannot afford to go it alone. We’re much more effective when we collaborate with our G7 counterparts and other countries that share our trade ambitions. These partnerships allow us to create agreements that are adapted to specific situations and objectives where we have a role of influence.

Take the example of CETA, where Canada is putting in place a positive and comprehensive agreement, adapted to its priorities, with all of the European Union in a single, fluid motion. By doing so, Canada is setting itself up as one of the only countries en route to having trade agreements with North America, the East and the West.

Achieving something together is a way to blaze the path for other countries in the future. Already, the Philippines, Indonesia, Taiwan and South Korea have been attracted by the benefits of joining the TPP. Even China is considering ways to formalize relations with the new trade bloc.

CETA was a good start for Canada, but the Trans-Pacific Partnership is the big show. We need to be fully engaged in the discussion. We cannot let others determine the outcomes for us and hope they remember to include us at the signing.

The real promise of TPP is in the rules. There’s a real opportunity to update the trade agreement template to make it more relevant to the businesses using them. TPP will strengthen and extend standard rules around things like non-tariff barriers, investment and intellectual property. But there are several key innovations to watch for.