United States, 11 Pacific Rim countries reach trade deal
WASHINGTON (AP) — The United States and 11 other Pacific Rim countries reached a contentious trade pact that cuts trade barriers, sets labor and environmental standards and protects the intellectual property of multinational corporations. Now each country must sell the deal to skeptical lawmakers.
The pact, known as the Trans-Pacific Partnership, aims to encourage trade between the United States, Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. Together, the countries account for 40 percent of world economic output. Trade unions and other critics say the deal will expose workers to more foreign competition and cost jobs.