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Trans-Pacific free trade deal agreed | |
(35 minutes later) | |
The US, Japan and 10 other Pacific rim countries have signed a controversial and sweeping trade agreement that covers about 40% of the world economy. | |
The Trans Pacific Partnership (TPP) will create a new Pacific economic bloc with reduced trade barriers between the 12 nations involved. | |
The deal was signed after five days of talks in Atlanta in the US but has been under negotiation for five years. | |
It was delayed repeatedly by negotiations over drug patents. | |
The other countries included in the TPP are Australia, Brunei Darussalam, Canada, Chile, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam. |