After more than six years of stalled progress and political wrangling, negotiators from the U.S. and 11 trading partners across the Pacific Rim reached a deal on a landmark trade accord linking 40% of the global economy.
The agreement in principle on the Trans-Pacific Partnership clears the way for what would be the world’s largest regional trade pact.
The accord would break down tariffs on thousands of goods and establish uniform rules of commerce. It was expected to be announced Monday morning after extended talks in Atlanta that were marked by repeated delays and last-minute hitches. Officials worked feverishly over the past five days to overcome sharp differences on drug patents, dairy markets and auto manufacturing rules.
The breakthrough on the controversial deal represents a significant victory for President Obama in his pursuit of a legacy-making goal to expand America’s influence in the Asia-Pacific region.
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