United States, 11 nations on verge of historic Pacific Rim trade accord


(Worthy News) – The United States, Japan and 10 other Pacific Rim nations were on the verge of a final agreement Sunday night on the largest free-trade accord in a generation, an ambitious effort led by the Obama administration to knit together economies across a vast region.

The deal would cap more than five years of arduous negotiations on a project central to President Obama’s economic agenda and potentially hand him a legacy-defining victory late in his presidency.

Negotiators said that they were near a consensus on terms for the Trans-Pacific Partnership (TPP) after a feverish week of talks here among trade ministers who sought to close the gaps on several lingering disputes. Plans to publicly announce a deal in the afternoon were delayed several times as the parties wrangled over the technical details related to market access for dairy products and new-generation biologic medicines. [ Source ]

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