After eight years of negotiations, the United States and 11 other nations concluded the Trans-Pacific Partnership (TPP) trade agreement on Monday in Atlanta. The 12 nations announced their agreement at a press conference hosted by U.S. Trade Representative Michael Froman on Monday morning.
The agreement is the largest ever free trade agreement, covering approximately 40 percent of all trade. The Obama Administration’s goal was to make the TPP the “gold standard free trade agreement for the 21st century,” but the final details of the agreement are not likely to be released publicly for weeks, if not months.
A summary of the 30 chapters in the TPP agreement is located here.
President Obama’s statement is located here.
A White House fact sheet on the TPP is located here.
Among the final issues to be resolved during this week’s negotiations were the term of patent protection of biologic drugs and market access for dairy products from the United States, Canada, New Zealand, and Japan.
The text of the final agreement is not expected to be available for some time, as all countries must conduct a “legal scrub” of the entire agreement. In the United States, TPP consideration by Congress is not expected until next year. President Obama is required to notify Congress 90 days in advance of signing the agreement, and the administration is required by law to publish the official text 60 days before the president’s signature.