After years of negotiation, the Trans-Pacific Partnership (TPP) was signed this fall by 12 Pacific Rim countries to open up global trading opportunities.

Not since the North American Free Trade Agreement (NAFTA) have countries seen such an impactful trade block. While NAFTA consists of an agreement between Canada, the United States and Mexico, the TPP represents about 40 percent of the world's gross domestic product.

At the time the TPP was announced, then-prime minister Stephen Harper stated the full text would be made available after Canada's federal election. He did not give a specific timeline, and many wondered how long it would take for the TPP's terms to be released.

Now that Liberal candidate Justin Trudeau has taken the reins as Canada's prime minister, and the terms have still not been released, where do we stand?

In terms of shipping

Fortune recently released an article titled, "Why the TPP is good for small business." From a global perspective, they point out that the TPP "includes a chapter focused on addressing trade barriers that disproportionately challenge small business, including complex trade paperwork, opaque customs regulations and the slow delivery of small shipments." With improved tariff regulations, small businesses will be able to expand their international capabilities.

Business leaders in Prince Rupert, B.C., recently acknowledged the TPP's benefits to be had on the North Coast's economy. The Port of Prince Rupert currently ships and receives millions of tons of cargo each year, from trading partners such as Japan, Chile and Singapore, among others.

These shipments currently face tariffs, although with the TPP in place, these tariffs are set to be eliminated, opening up the industry to greater opportunity. As it stands, the number of those employed along this North Coast industry has doubled to 3,000 in recent years, and points to further growth.

The North Coast of British Columbia is not the only shipping outlet along Canadian borders — other ports in B.C., along with Canada's east coast, will all face the same implementations and should face increased growth in their respective work forces, thus boosting the Canadian economy.

In terms of Canadian copyright

Shortly after the agreement was announced, The Guardian reported that Wikileaks had released a full intellectual property chapter of the TPP. For Canadians, this would severely impact copyright laws for everyday Internet users and small businesses alike.

The Toronto Star uses the examples of uploading a GIF of Jose Bautista's iconic bat flip in Game 5 of the American League Division Series. While this may be deemed OK or general practice among users today, they may be penalized or face court orders to remove the content under new TPP regulations.

For companies posting a casual update on their social media accounts featuring the latest meme or GIF file format, what could this mean for a country whose copyright laws are less tense that others?

In looking to our neighbours to the south, The Star goes on to state an example of how two American sports channels were suspended on Twitter recently for posting GIFs of plays from the National Football League, which the league claims are protected under its copyright. Could this be Canada's future?

They cite law professor and copyright expert Michael Geist in saying that it is "very possible that you could have something that's legal in Canada that could be required to be taken down based on a ruling in a different TPP country." However, because the legalities of the TPP remain unknown, he takes into consideration that these theories could be "overblown."

We will have to wait and see.

In terms of the Canadian auto sector

The Canadian auto sector is hoping to be granted the same rules as the American auto industry, as they believe this will keep them competitive. However, the Ontario Auto Mayors Caucus has reason to believe that Canada's auto industry is under threat from the TPP.

While the partnership was formed with Harper in office, Trudeau is now responsible for what was agreed upon. They hope to keep working with the Liberal government in order to expand auto manufacturing in Ontario.

Ford Canada CEO Dianne Craig is also pushing for the Liberal government to work toward a better agreement. "While Canada agreed to a five-year phase-out of the 6.1 per cent duty on imported vehicles from Japan, the U.S. gets to keep tariffs on Japanese imports for 25 years," she said.

Matt Marchand, CEO of the Windsor-Essex Chamber of Commerce believes in the power of a national auto strategy, and plans to share Craig's concerns with the Liberal government regarding the TPP.

In the future

Much of what has been released in recent weeks has been speculation in regard to the TPP, along with the contents viewed in the Wikileaks chapter. Until the terms and agreements of the TPP are released, small businesses spanning hundred, if not thousands, of industries across Canada will not know how their future will be impacted.

While some industries are visibly more optimistic than others, it is still important to consider the TPP's original purpose — to focus on trade barriers challenging companies on a global scale, and improving them for future opportunity.