Agreement reached on TPP Pacific trade deal

After a process over years of trying to ease trade between 12 Pacific nations, including the U.S and Japan, trade ministers have reached a deal on the largest trade liberalization pact on Monday.

According to the pact, the Trans-Pacific Partnership (TPP) will reduce trade barriers and create a new Pacific economic bloc. With the deal which covers almost 40 percent of the world's economic output, tariffs will be reduced, standards will be set on some patents and work conditions, and investments between countries will be eased.

Australia, Brunei Darussalam, Canada, Chile, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam are other countries which are included in the Trans- Pacific Partnership deal.

U.S. President Barack Obama said that the Trans-Pacific Partnership trade deal reached on Monday will "level the playing field" for American workers and businesses.

Obama said Americans would have months to read the deal before he signs it into law.