Historic Pacific trade deal faces skeptics in US Congress

Atlanta, October 6

Twelve Pacific Rim countries on Monday reached the most ambitious trade pact in a generation, aiming to liberalise commerce in 40% of the world’s economy in a deal that faces skepticism from the US lawmakers.

The Trans-Pacific Partnership (TPP) pact struck in Atlanta after marathon talks could reshape industries, change the cost of products from cheese to cancer treatments and have repercussions for drug companies and automakers.

Tired negotiators worked round the clock over the weekend to settle tough issues such as monopoly rights for new biotech drugs. New Zealand’s demand for greater access for its dairy exports was settled. If approved, the TPP pact would cut trade barriers and set common standards from Vietnam to Canada. — PTI