Canola growers say the Trans Pacific Partnership is an important trade deal for farmers.
The federal government has already signed the deal in New Zealand but it still must be approved in parliament.
The General Manager of the Alberta Canola Producers Commission, Ward Toma says since more than 90% of Alberta's canola is exported as seed, oil, or meal, exports are critical to the industry.
He says the agreement will eliminate tariffs on canola oil and meal in key export markets such as Japan and Vietnam, enabling Canada to increase export markets by more than $780-million once the TPP is fully implemented.
Canadian Canola Growers president Brett Halstead says the trade deal brings many potential benefits to prairie farms.
He says there will be a five-year phase-out of tariffs on canola once the deal is ratified.
According to the Alberta Canola Producers in 2014, more than $1.2 billion in canola seed was exported to Japan. As the tariffs are eliminated, the canola industry estimates that exports will shift increasingly to value added oil and meal, while maintaining the overall volume of canola that is exported. This signing brings Canadian canola one step closer to being on a level playing field with other oilseeds, and other oilseed producers like Australia in the valuable Asia-Pacific region when it is fully implemented. Australia currently has preferential access to ship canola oil to Japan through their bi-lateral free trade agreement.