11:31 | 06/10/2015 Global Economy
Pacific trade ministers have reached a deal on the most sweeping trade liberalisation pact in a generation that will cut trade barriers and set common standards for 12 countries, an official familiar with the talks said on October 5.
Trade ministers from a dozen Pacific nations in Trans-Pacific Partnership Ministers meeting post in TPP Ministers ''Family Photo'' in Atlanta, Georgia October 1. (Credit: REUTERS)
Leaders from a dozen Pacific Rim nations are poised to announce the pact later on October 5. The deal could reshape industries and influence everything from the price of cheese to the cost of cancer treatments.
The Trans-Pacific Partnership would affect 40% of the world economy and would stand as a legacy-defining achievement for US President Barack Obama, if it is ratified by Congress.
Lawmakers in other TPP countries must also approve the deal.
The final round of negotiations in Atlanta, which began on September 30, had snared on the question of how long a monopoly period should be allowed on next-generation biotech drugs, until the United States and Australia negotiated a compromise./.