Trans Pacific Partnership negotiators on Monday said they have agreed upon a TPP deal after more than five years of talks.
The agreement, which includes the United States, Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam, is expected to promote economic growth and create higher-paying jobs.
The deal was reached after negotiators stayed past the Friday end of talks in Atlanta, Ga., to continue working over the weekend.
Reuters reports that talks hit a snag last week when the U.S. and Australia sparred on the monopoly period for next-generation biotech drugs.
Dairy also was a key discussion, as New Zealand's dairy exporter Fonterra wanted more access to U.S., Canada and Japan markets, the Reuters report said.
The Atlanta meeting preceded by a September meeting in Maui, where U.S. trade officials said the progress was "substantial" but several issues needed to be ironed out. Officials noted at the time that restrictions that affected new biotech remained unresolved.
TPP ministers said the agreement ticks the "comprehensive, high standard and balanced" boxes.
"We expect this historic agreement to promote economic growth, support higher-paying jobs; enhance innovation, productivity and competitiveness; raise living standards; reduce poverty in our countries; and to promote transparency, good governance, and strong labor and environmental protections," they wrote.
After the text is finalized, the White House said the agreement will be available publicly and will be reviewed by Congress.
While full details of the agreement haven't been released, the National Pork Producers Council and Dairy Export Council said they expect the deal to be a benefit to U.S. farmers.
"We look forward to reviewing the full text of the TPP agreement and the schedules of market access concessions as soon as possible," said NPPC President Ron Prestage. "We are reserving final judgment on the package until then."
USDEC also said it would review the dairy provisions upon the agreement's release.
According to the office of the U.S. Trade Representative, the agreement includes several key features:
• Comprehensive market access. The TPP eliminates or reduces tariff and non-tariff barriers across substantially all trade in goods and services and covers the full spectrum of trade, including goods and services trade and investment, so as to create new opportunities and benefits for our businesses, workers, and consumers.
• Regional approach to commitments. The TPP facilitates the development of production and supply chains, and seamless trade, enhancing efficiency and supporting our goal of creating and supporting jobs, raising living standards, enhancing conservation efforts, and facilitating cross-border integration, as well as opening domestic markets.
• Addressing new trade challenges. The TPP promotes innovation, productivity, and competitiveness by addressing new issues, including the development of the digital economy, and the role of state-owned enterprises in the global economy.
• Inclusive trade. The TPP includes new elements that seek to ensure that economies at all levels of development and businesses of all sizes can benefit from trade. It includes commitments to help small- and medium-sized businesses understand the Agreement, take advantage of its opportunities, and bring their unique challenges to the attention of the TPP governments. It also includes specific commitments on development and trade capacity building, to ensure that all Parties are able to meet the commitments in the Agreement and take full advantage of its benefits.
• Platform for regional integration. The TPP is intended as a platform for regional economic integration and designed to include additional economies across the Asia-Pacific region.
Read more about the agreement on the USTR website.