When in doubt, opt for the bird in hand on trade deals

Our prime minister, it seems, is a proponent of the old “bird-in-the-hand” theory when it comes to international-trade strategy.

Despite the ongoing NAFTA renegotiations, Canada has opted to join 10 other countries — including Japan, Australia, New Zealand, Chile, Vietnam and Mexico — in a far-reaching Pacific Rim trade partnership deal that will help to diversify trade at a time when U.S. President Donald Trump’s protectionist leanings continue to threaten relations with our largest trading partner.

The Pacific Rim agreement, rebranded as the Comprehensive and Progressive Agreement for TransPacific Partnership (CPTPP), drew immediate praise from Canada’s agricultural producers — most notably those in the beef and pork sectors — but has raised concerns among Canada’s dairy producers and automotive industries.

Final details of the CPTPP agreement will be worked out as negotiations continue until March, but the broad-strokes announcement represents something of a fork in the road for Canada’s trade policy.

Champagne’s endorsement of the CPTPP deal has much larger ramifications for Canada and its NAFTA partners than for the Pan Pacific Alliance’s members. Simply put, the CPTPP was going ahead with or without Canada’s involvement.

What remains to be seen is whether the CPTPP announcement impacts the latest NAFTA round, and how Trump reacts to what amounts to a trade-deal snub from Canada and Mexico.

Inflammatory and isolationist rhetoric from the U.S. president could make a NAFTA settlement — the figurative birds in the bush — even more difficult to reach. Mr. Trudeau’s opting to grab the one in the hand could turn out to be a shrewd choice.