WASHINGTON (AP) – The United States and 11 other Pacific Rim countries have agreed to an ambitious and contentious trade pact that cuts trade barriers, sets labor and environmental standards and protects multinational corporations’ intellectual property.
The agreement on the Trans Pacific Partnership was reached Monday after marathon negotiating sessions in Atlanta through the weekend.
“We think it helps define the rules of the road for the Asia-Pacific region,” said U.S. Trade Rep. Michael Froman.
The agreement will face intense scrutiny from a skeptical Congress.
The TPP is designed to encourage trade between the United States, Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam