WASHINGTON (Sputnik) – The TPP is set to become the largest free trade deal to date, involving 12 countries, it is expected to cover about 40 percent of the global economy.
“I've been very clear that TPP is good for American businesses and American workers regardless of what China's doing, and we will make the case on the merits as to why it will open up markets for American goods, American exports and create American jobs,” Obama said at a joint press conference with Japan’s Prime Minister Shinzo Abe.
The US president indicated that the treaty would become part of the US economic agenda.
“And when 95 percent of the world's markets are outside our shores, we've got to make sure that we're out there competing. And I'm confident we can compete,” Obama said.
The Trans-Pacific Partnership treaty started as the Trans-Pacific Strategic Partnership Agreement in 2005, and currently unites 12 countries from the Asia-Pacific region, including Australia, Japan, Mexico and Canada.
The TPP agreement was born out of President Obama's 2011 Pacific Pivot strategy. Obama stressed the need for closer security relationships in the region, as well as establishing economic ties with Asia Pacific partners.
