The push is on for Parliament to quickly ratify the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) trade agreement so that Canada can reap the benefits that come from being an early adopter of the deal — and there's a race on now to beat other countries to the punch.

The agreement comes into force 60 days after six of 11 signatories have ratified it through enabling legislation. So far, four countries have formally put pen to paper on the deal: Australia, Mexico, Japan and Singapore. Two other countries are in the advanced stages of debate: Vietnam and New Zealand.

Canada's CPTPP legislation, Bill C-79, passed the House of Commons on Tuesday and it is just now starting its journey through the Senate. A number of industry groups representing significant segments of the Canadian economy, including cattle ranchers and the meat and pork councils, are urging a speedy passage so Canada can get a leg-up on other CPTPP partners.

Observers say being among the first six countries to adopt the deal could be economically significant as it would give Canada "first-mover advantage," allowing it to establish itself in important supply chains early on...

This was excerpted from the 18 October 2018 edition of CBC News.