The United States and 11 countries in the Pacific region signed the Trans-Pacific Partnership (TTP) free trade agreement this morning. The agreement, reached after a final round of negotiations in Atlanta that lasted indefinitely beyond the weekend deadline, concerns 40% of the world economy. Among the Asian countries, Japan is involved, but not China.
The last dispute resolved concerned the protection of pharmaceutical patents, on which the Americans insisted. Difficult negotiations also took place on the auto sector, on dairy products and on intellectual property in general.
The deal eventually opens up agricultural markets in Canada and Japan and tightens patent rules to benefit pharmaceutical and technology companies. Above all, it creates a blockade to contain China's growing economic influence in the region.
The pact represents a painful victory for US President Barack Obama, who had made it a priority by defying opposition from members of his own Democratic party. At this point, the number one in the White House must obtain the approval of the agreement by Congress.
