Trans-Pacific Partnership agreed, but national ratifications still required

The USA and 11 other Pacific Rim nations on Monday agreed to the Trans-Pacific Partnership, the largest regional trade accord in history, a potentially precedent-setting model for global commerce and worker standards that would tie together 40% of the world’s economy.

The TPP eliminates or reduces tariff and non-tariff barriers across substantially all trade in goods and services and covers the full spectrum of trade, including goods and services trade and investment, so as to create new opportunities and benefits for our businesses, workers, and consumers.

The TPP still faces months of debate in Congress and will inject a new flash point into both parties’ presidential contests. The list of countries the TPP would include: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, the USA, Singapore and Vietnam.