Trade negotiators have reached a historic deal...
on what has become the world′s largest free trade pact，... accounting for 40 percent
of the global economy.
Once ratified，... it will remove trade barriers for twelve countries，... including the U.S.，
Canada and Japan.
So... how big a deal is the TPP？
Kim Min－ji reports.
They′re calling it a historic agreement.
After five years of talks， trade negotiators from 12 countries have struck a deal that
will reduce tariffs on almost 18－thousand categories， ranging from automobiles to
food，... and set standards for labor and the environment in the trade bloc.
″We have come to an agreement that will support jobs， drive sustainable growth，
foster inclusive development， and promote innovation across the Asia－Pacific region.″
The trade pact， called the Trans－Pacific Partnership， or TPP，... involves the US，
Japan， Malaysia， Vietnam and eight other Pacific Rim countries，... which together
account for about 40 percent of the global economy.
It is the largest trade pact ever，... making up for more than a quarter of the world′s
trade volume，... and covers a combined population of almost 800 million.
Supporters of the deal say the agreement will facilitate higher paying jobs，... as well
as boost productivity and competitiveness and raise living standards in member countries.
Some also see it as a way to counter a rising China，... which is not a member of the agreement，...
and paves the way to open new markets for American companies.
However， critics have not been happy about negotiations they say have been overly secretive
in nature，... and argue that the trade deal will benefit large corporations and shift
more jobs overseas.
Although the deal has been concluded， this is just the first step in what is likely to
be a long road ahead as the participating countries take the deal back to their governments
for approval.
Kim Min－ji， Arirang News.