After five years of negotiations and a final week of marathon meetings, 12 pacific rim countries including Canada and the U.S. have reached an agreement on the Trans-Pacific Partnership (TPP).

The TPP is a massive, multi-lateral trade deal that, in part, will reduce or eliminate tariffs on Canadian commodities, for example canola or beef exports to Japan.

While Canadian dairy was a bit of an issue, in the final agreement Canada's supply management will remain protected. However, Canada has opened up 3.25 per cent of its dairy market to foreign suppliers, and 2.3 per cent market access for eggs, as well as small concessions for chicken and turkey.

The Government of Canada announced today a series of new programs and initiatives to help support supply-managed producers throughout the implementation of the TPP as well as the Canada-EU Trade Agreement (CETA).

The income guarantee program will be implemented to provide 100 per cent income protection to producers for a full 10 years from the day TPP comes into force. Income support assistance will continue on a tapered basis for an additional five years, for a total of 15 years. $2.4 billion is available for this program.

The quota value guarantee program will also be implemented to protect producers against reduction in quota value when the quota is sold following the implementation of TTP and CETA. $1.5 billion has been set aside for this demand-driven program, which will be in place for 10 years.

The government also announced two additional programs: the $450 million-Processor Modernization Program, which will provide processors in the supply-managed value chain with support to further advance their competitiveness and growth, and the Market Development Initiative, which will assist supply-managed groups in promoting and marketing their top-quality products. To support the latter initiative, $15 million in new funding will be added to the AgriMarketing Program.

The Canadian Dairy Commission and the Farm Products Council of Canada will work with Agriculture and Agri-Food Canada to ensure the Income Guarantee and Quota Value Guarantee programs are delivered to producers in an effective and efficient manner.  The government will continue to work closely with dairy, poultry, and egg producers and the entire supply-managed sector to implement these initiatives.