12 Pacific rim countries agree to cut trade barriers
Report says United States, Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam reached broad agreement on Trans-Pacific Partnership.Ekip
05 October 2015•Update: 05 October 2015
TOKYO
Twelve Pacific Rim countries have reached a deal on a landmark trade agreement that will create one of the world's largest free trade zones and set new international standards for trade and investment
Sources quoted by Japan's Kyodo news agency said that a broad agreement on the Trans-Pacific Partnership had been reached Monday.
The deal is still to be signed by participant countries and approved by the legislature of each nation before it will take effect.
The countries involved in the agreement are the United States, Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam.
The partnership represents about 40 percent of global gross domestic product.
