ZN.UA
A dozen Pacific-rim nations agreed on Monday to an historic pact on a Trans-Pacific Partnership (TPP), designed to boost commerce among nations that produce 40% of global economic output, according to Bloomberg.
U.S. President Barack Obama sees the pact as a key element in his “pivot to Asia” foreign policy, he said in a statement on Monday, Bloomberg reports.
The agreement will provide duty-free trade on most goods, and reduced tariffs on others. It will also provide mutual recognition of many regulations, including an exclusivity period for biologic drugs, which are derived from living organisms, and patent protection for pharmaceuticals. That was one of the final topics that was settled in marathon talks, as developing nations sought to have quicker access to generic medications.
The 12 TPP countries are Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, Vietnam and the U.S.
“TPP is a comprehensive agreement that will open markets, set high-standard trade rules, and address 21st-century issues in the global economy,” the U.S. Trade Representative’s office said in background documents.