Mr. Speaker, again, I am honoured to rise in the House today to discuss Bill C-79, an act to implement the comprehensive and progressive agreement for trans-Pacific partnership between Canada, Australia, Brunei, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.
Bill C-79 is our government's commitment to the swift ratification and implementation of the CPTPP. Implementing and ratifying the CPTPP would strengthen our existing trade partnerships with Chile, Mexico and Peru, and provide preferential access to seven new markets: Australia, Brunei, Japan, Malaysia, New Zealand, Singapore and Vietnam. Doing so would improve market access to an estimated 500 million global consumers with a combined GDP of $13.5 trillion, representing roughly 40% of the world economy. These numbers are truly staggering and offer a glimpse into the endless opportunities afforded by the CPTPP.
This agreement would diversify trade to benefit the middle class and enhance our ability to compete and win on the global stage. As I have previously mentioned during the debate in this chamber over the Canada-European Union Comprehensive Economic and Trade Agreement, any student of Canadian history knows our great country has been, in many ways, shaped and founded by trade. To this day, nearly 60% of our GDP and fully 20% of Canadian jobs are immediately tied to exports. Our government understands increased trade leads to economic growth and that economic growth leads to jobs for the middle class.
However, this simple fact is currently under siege. As the world slides toward protectionism and isolationism, a regression apparently favoured by some of my colleagues across the aisle, it is vital Canada remains an open society and a champion of open global markets. On this side of the House, we recognize the prosperity of hard-working Canadians and their families is directly linked to diversifying into new markets.
From the ratification of CETA to the recent conclusion of the USMCA framework, our government has long understood a commitment to free and fair trade is absolutely vital. As the only G7 country that is a signatory to all three of these agreements, once CPTPP enters into force, Canada would have 14 trade agreements that would provide preferential access to 51 different countries. Combined, this represents access to nearly 1.5 billion global consumers and over 60% of the global economy.
The complicated progression of this agreement on the global stage, as I have said previously, serves as further proof that these values are currently under attack from protectionist forces. In light of such pressures, I am truly proud of our government for having taken the lead in negotiating this progressive free trade agreement.
Before I continue, I would like to thank the Minister of Foreign Affairs and the Minister of International Trade Diversification for their hard work on this file, as well as the members of the Standing Committee on International Trade for their insights and contributions. Moreover, as a former international trade lawyer myself, I would like to thank and congratulate former colleagues in the public service who helped make this important agreement a reality.
It was as a trade lawyer that I gained valuable first-hand knowledge into the tangible benefits that well-crafted trade agreements provide us with every day, and it is from that very same perspective I approach today's remarks. In particular, I would like to discuss six broad elements of Bill C-79 to highlight the very benefits this agreement would have for Canadian businesses, exporters, workers and families. My hon. colleague from Rivière-des-Mille-Îles focused on the preservation of our cultural sector. In turn, I will talk about market access, the service sector, investment, government procurement, and small and medium-sized enterprises.
Speaking first on market access, implementing the CPTPP will eliminate over 95% of taxes being imposed on over 99% of Canada's total exports. From making our machinery, equipment and business services more competitive, to protecting and preserving our unique culture, we are improving market access for Canadian business and have secured an amazing deal for Canadians. In fact, the vast majority of related tariffs will be eliminated immediately upon enactment of Bill C-79. After that, we will see the gradual introduction of more products being included in this list of tariff exemption over a period of 10 to 15 years.
To cite just a handful of targeted market access benefits, Bill C-79 would enhance market access opportunities for Canadian pork, beef, fruit and vegetables, malts, grains, cereals, animal feeds, maple syrup, wines and spirits, processed grain, sugar, chocolate confectionary and processed foods and beverages. It would also eliminate 100% of tariffs on Canadian fish and seafood products, benefiting the salmon, snow crab, herring, lobster, shrimp, sea urchin and oyster industries. In addition, we would see the elimination of 100% of tariffs on industrial goods and consumer products. Finally, tariffs on all Canadian exports of forestry and value-added wood products would be eliminated.
Delving into services, the CPTPP emphasizes the importance of transparency and predictability in order to give Canadian service providers more secure access to CPTPP markets, including a range of sectors for professional, environmental, mining-related, IT and financial services. In the face of a rapidly-evolving and modernizing global digital economy, the importance of these changes cannot be overstated.
Speaking of investment, this government has gone above and beyond the original conditions set in the TPP to better protect our investors, using Canada's negative list approach. Investors will be protected by provisions such as expropriation and denial of justice, backed by robust mechanisms for the resolution of investment disputes.
On non-tariff measures, Bill C-79 proposes to implement provisions related to non-tariff measures. Non-tariffs measures, as members are aware, refer to provision introduced regarding technical barriers to trade that will protect the key market access gains written into the agreement for the unnecessary and discriminatory regulatory burdens.
Moving to small and medium-sized enterprises, this government recognizes the importance of SMEs to the Canadian economy, which to do this day represents approximately 90% of our private sector jobs in Canada that will benefit from the provisions of this agreement. As a result, we have made it a priority to support SME access to the relevant data and information, a first among Canadian free trade agreements.
Provisions such as improved transparency, enforceable provisions on state-owned enterprises to promote fair business practices and an electronic commerce framework for cross-border data flows and server localization requirements have been made available to better protect Canadian businesses and encourage them to enter into the global market. These new measures will not only place Canadian businesses on the global value chain, but help them compete and thrive.
When our government came into office in 2015, in keeping with our commitment to evidence-based policy-making that listened to the needs and interests of Canadians, we held extensive consultations on the CPTPP, including over 41,000 correspondences and 265 interactions and meetings with more than 530 stakeholders. We did so to ensure a deal that promoted the creation of new jobs and benefits for Canadian families. The end result of this process is an ambitious and progressive trade agreement that will not only benefit Canadian businesses, workers, and families, but will certainly serve as a landmark for global trade arrangements moving forward.