After eight years and 19 rounds of negotiations that began in Melbourne in 2010, the Trans-Pacific Partnership Agreement has been concluded in Atlanta.
The agreement will create a free trade zone among 12 nations, including Australia, the US, Japan and New Zealand. Together, the TPP nations account for 40% of global GDP and 24% of the world’s trade in services.
The multilateral trade deal will eliminate 98% of all tariffs levied by signatory countries, on products including beef, dairy, wine, sugar, rice, horticulture and seafood. It also extends to manufactured goods, resources and energy, and services.
Here are five of the key things you need to know about it.
1. We still don’t have the full text of the agreement, so many people are reserving judgement
Despite some leaks of various chapters of the agreement the TPP has largely...