Trade ministers from 12 Pacific Rim countries are meeting Tuesday in Hawaii to begin four days of intensive negotiations on what is being called one of the biggest trade deals in history.

The Trans-Pacific Partnership, or TPP, is a proposed international trade agreement being negotiated among a dozen countries: Canada, the United States, Mexico, Australia, Japan, New Zealand, Malaysia, Singapore, Vietnam, Chile, Peru and Brunei.

The GDP of the 12 nations involved in the talks totals more than $27 trillion.

The U.S. government touts the TPP as a deal that will eliminate tariffs “and other barriers” to trade, while facilitating the development of production and supply chain among member countries.

The full text of the TPP has not been made public, but the deal purportedly covers everything from food products to cars. It also addresses policy issues such as labour rights.

Adam Taylor, former adviser to Canada’s International Trade Minister Ed Fast, says as negotiations get underway in Hawaii, Canada will be at the “premier table” for the 21st century, in one of the most strategically important regions: the “fast-growing” Asia-Pacific.

Canadian exporters across key sectors of the economy will have “preferential access” to a large group, which is “a net positive for Canada,” Taylor said in an interview on CTV’s Canada AM on Monday.

“The exports, growth and jobs that will come from it, is truly beneficial to our country.”

In practical terms, Canadians consumers could see lower prices at the checkout counter, as a result of more industry competition.

“We’ve always seen that with trade, when you have greater selection and more options, then prices fall,” Taylor said.

But as the deal reaches its “end game,” Taylor said “politically sensitive” matters must be addressed by the ministers.

“Agriculture sensitivities” are prevalent for nearly every country at the table, Taylor said, and Canada is no exception.

Canada’s dairy and poultry farmers are concerned that the deal will leave their tightly controlled system of governance vulnerable.

In late June, Prime Minister Stephen Harper said Canada would defend the supply management system as it pursues the trade deal.

Each country involved “has to put some water in their wine,” in order to strike a deal, Taylor said. “And this is the time to do it.”

However, Canada will have to ask itself whether it can afford not to be part of the deal, he added.

“I think if the answer is that Canada must be at the table, then I think you’ll see some concessions made in some of our sensitive areas,” Taylor said.

With a federal election looming, Taylor said each party leader will need to “show their hand” and declare their position on TPP.

“Canadian businesses want to know where each party stands on such a blockbuster deal that’s key for the future of our country,” he said.