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| Trans-Pacific free trade deal agreed creating vast partnership | |
| (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 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 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. | 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. | 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. | The other countries included in the TPP are Australia, Brunei Darussalam, Canada, Chile, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam. |
| Biotech dispute | |
| "It is a major outcome not just for Japan but also for the future of the Asia-Pacific," Japanese Prime Minister Shinzo Abe told reporters. | |
| The deal is expected to be announced officially later on Monday, after which it will have to be ratified by the individual countries involved. | |
| If approved, the agreement has the potential to influence trade in everything from dairy produce to cancer treatments. | |
| Supporters say the deal could be worth billions of dollars to the countries involved but critics say it was negotiated in secret and is biased towards corporations. | |
| The final round of talks in Atlanta were delayed by negotiations over how long a monopoly period should be allowed on next-generation biotech drugs. | |
| The US had sought 12 years of protection to encourage pharmaceutical companies to invest in expensive biological treatments. | |
| Australia, New Zealand and public health groups had sought a period of five years to bring down drug costs and the burden on state-subsidized medical programs. |