12 Pacific countries seal huge free trade deal

The Trans-Pacific Partnership creates the world's largest free-trade area, encompassing 40 percent of the global economyTwelve Pacific rim countries sealed a deal creating the world’s largest free trade area, delivering President Barack Obama a major policy triumph. Working around the clock for days past their deadline, haggard trade ministers announced they reached agreement on the ambitious Trans-Pacific Partnership just before dawn, capping five years of difficult talks led by the United States. Spanning about two-fifths of the global economy, the hard-won deal aims to set the rules for 21st century trade and investment and press China, not among the 12, to shape its behavior in commerce, investment and business regulation to TPP standards.

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