Costco and Walmart have finally signed Canada's Grocery Code of Conduct, hopefully bringing Canadians a step closer to fair food prices.

Federal, provincial, and territorial agriculture and agri-food ministers made the announcement Thursday afternoon during their annual meeting in Whitehorse.

Walmart and Costco are the last to agree to join the code of conduct, meaning that all of Canada's major grocers are now on board. This includes Loblaw, Sobeys and Metro.

"This is a positive step towards bringing more fairness, transparency, and predictability to Canada's grocery supply chain and for consumers," reads a statement from Agriculture and Agri-Food Canada (AAFC).

Today, I joined my provincial and territorial counterparts to announce that we have now received commitments from all major retailers, including Walmart and Costco, to join the Grocery Sector Code of Conduct.

This is good news for the sector, and for competition.

— Lawrence MacAulay (@L_MacAulay) July 18, 2024

For those who don't know, the Grocery Code of Conduct aims to improve relations between suppliers and retailers and increase the efficiency of the grocery supply chain in Canada.

In an interview in January, the AAFC said this would "have positive effects across the supply chain, and ultimately benefit consumers." It clarified that the code of conduct would not directly regulate prices or fees that stores set.

It took some time for grocers to agree to sign the code of conduct. After months of delays, Loblaw finally joined in May.

Loblaw President and CEO Per Bank said the company had "worked intensively and collaboratively with industry groups so that the Code is clearly drafted and fair for all industry participants."

The grocery giant previously shared concerns that the code would raise grocery prices and said it wouldn't be able to sign on at the time.

After that, Walmart and Costco were the only retailers holding out, prompting a petition calling on Walmart to sign.

The Change.org petition was started by Emily Johnson, the creator of the Loblaws Is Out of Control subreddit group.

The online community, which has surpassed 90,000 members, also spearheaded a Canada-wide boycott of Loblaw-owned stores in May to see the company lower prices, increase price transparency, commit to ending price gouging, and sign the Grocery Code of Conduct.