The United States and 11 other Pacific Rim nations have reached a tentative trade agreement with the potential to transform the global economy and roil American politics, officials said Monday.
The Trans-Pacific Partnership will “promote economic growth” and “support higher paying jobs,” said U.S. Trade Representative Michael Froman, making the announcement along with other trade ministers in Atlanta following days of final negotiations.
The massive trade deal — which faces months of debate in Congress — would tie together near 40% of the world’s economy, from Canada to Japan to Australia.
In hailing the agreement, Obama said that “Congress and the American people will have months to read every word” before he signs the deal that he described as a win for all sides.
“If we can get this agreement to my desk, then we can help our businesses sell more Made in America goods and services around the world, and we can help more American workers compete and win,” Obama said.
Japanese trade minister Akira Amari told reporters in Atlanta that a deal has been reached. In Tokyo, Prime Minister Shinzo Abe hailed the Trans-Pacific Partnership (TPP) as a great achievement.
“It is a major outcome not just for Japan but also for the future of the Asia-Pacific,” Abe told reporters.
In addition to the United States and Japan, other TPP countries are Brunei, Chile, New Zealand, Singapore, Australia, Peru, Vietnam, Malaysia, Mexico, and Canada.
Read more: USA Today