Trans-Pacific Partnership: US, Australia and 10 other countries reach landmark trade pact 

USA: Anti-TPP protesters hit Atlanta as trade talks continue

Network Writers and wiresNews Corp Australia Network

TWELVE Pacific Rim countries have sealed the deal on creating the world’s largest free-trade area, delivering President Barack Obama a major policy triumph.

The deal on the Trans-Pacific Partnership, led by the United States and Japan, aims to set the rules for 21st century trade and investment and press China, not one of the 12, to shape its behaviour in commerce to the TPP standards.

Australian Trade and Investment Minister Andrew Robb said the TPP could be “transformational” and would provide commercial stability in the region, The Australian reported.

TIM @AndrewRobbMP with ministerial counterparts at a #TPP negotiating session in Atlanta pic.twitter.com/TN2MGb5E0P

— DFAT (@dfat) October 2, 2015

“This is a great moment and a great achievement,” Mr Robb said. “I am delighted to say that, what is the biggest global trade deal in 20 years, since the Uruguay Round has been concluded.”

Under the agreement, 98 per cent of tariffs on Australian exports in the region will be eliminated and access to the US market for local sugar producers will double.

Mr Robb challenged America’s push to increase data exclusivity on biologics from five to eight years. He reached a compromise that will see no increase to the costs of medicine in Australia under the Pharmaceutical Benefits Scheme.