(VOVworld) – Trade Ministers of 12 Trans-Pacific Partnership (TPP) members reached a final consensus on the world’s largest free trade agreement at a meeting that concluded in Atlanta on October 5. They reached consensus on the final issues of automobile spare parts, dairy products, and extended intellectual patent protection for new drugs.
The Ministers said after concluding the negotiation that the TPP will become a trade model for the 21st century, covering commodities, services, investment, e-commerce, and state-owned enterprises. The deal must be officially signed by the participants and approved by the legislature of each nation before taking effect.
The TPP has 12 members: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the US, and Vietnam. It aims to minimize trade barriers and set high standards to enhance trade, investment, and economic growth, generate more jobs, and encourage innovation. The TPP will account for 40 percent of the global economy and add an additional 300 billion USD to the global GDP annually.