NEW YORK — The Canadian government has agreed to a $20 billion trade deal that includes some of the most dramatic changes to the world’s most heavily traded economy in decades.
The deal, struck Tuesday, includes a series of landmark reforms that include a new $1.50-per-ounce price for cigarettes, a new minimum wage for public sector workers, a shift in the way Canada sells and distributes food and pharmaceuticals and a new, streamlined tax regime for corporations and individuals.
Canada will be a global leader in the pharmaceutical industry and in renewable energy and science and technology.
It will also play a key role in the fight against pandemic-related pandemic diseases and will contribute billions of dollars to the fight for climate change and the development of clean energy.
The pact is the first of its kind to be reached in more than 60 years, according to Canada’s trade commissioner.
It also marks the first time Canada has made significant progress on a major trade deal.
Canada will not be required to participate in the Trans-Pacific Partnership.
The agreement includes sweeping changes to Canada-U.S. relations and the future of trade relations with China, as well as an end to Canada imposing duties on imports of U.S.-made goods and vehicles.
It has also been negotiated with the United States and the European Union.
Canada has been in a trade war with China for years.
The dispute has been going on since at least 2011, when the U.K. and the United Kingdom suspended bilateral trade.
The U.KS. and U.U. have since re-opened bilateral trade talks.
The new deal also marks Canada’s first major trade agreement in the Americas since the NAFTA free trade agreement, which Canada signed in 1994, and its second in the Asia-Pacific.
The deal will boost Canada’s exports to Asia by up to 25 percent.
The new deal will also help Canada to diversify its economy and support jobs and growth in the country.
Canadian Prime Minister Justin Trudeau spoke about the deal with Canadian President Donald Trump at the White House Tuesday afternoon, calling it a “historic” achievement.
“This is a historic day for the Canadian economy, and for the world,” Trudeau said.
“We are making history.”
Trudeau said the agreement will help boost Canada-based exports by 25 percent to Canada.
The United States is the biggest buyer of Canadian exports, but imports from Canada have been falling since Trump took office.
Trump has vowed to tear up the NAFTA deal, and the new deal with Canada is the most significant trade deal ever negotiated between the U-S.
Trudeau said the two countries have agreed to work together to address trade deficits and the “historic opportunity” to reduce them.
The Canadian economy is in the midst of a global economic recovery, and there has been growing optimism that the country will benefit from the deal, said economist John Larkin, president of the Canadian Association of Business Economists.
But there will be an adjustment period as the new tariffs are imposed.
Larkin said the tariffs will make Canada’s businesses less competitive in the global marketplace.
Trudeau has also said he intends to move ahead with Canada-led talks on the Trans Pacific Partnership.
The TPP is the largest free-trade agreement in history, encompassing nearly 40 countries.
Canada is seeking to join the TPP, but it’s unclear whether it can get the votes to do so.