The Trans-Pacific Partnership is the biggest trade agreement in history, reducing tariffs and other forms of protectionsism in a dozen countries making up about 40 percent of the global exonomy.
The deal sealed Monday in Atlanta came after more than five years of negotiations between the TPP nations and the agreement must still be ratified by lawmakers in the TPP nations before it can take effect.
Vietnam should be among the biggest winners.
Fishing industry to benefit from elimination of import tax on shrimp, tuna and squid (average of 6.4 7.2 %).
Pharmaceutical products to benefit from elimination of import tax (average of about 2.5 %).
TPP will also increase patent protection.
Reduced import duties in the U.S. and Japan will benefit country’s apparel manufacturers.
According to the Eurasia Group, with the agreement potentially boosting GDP by 11 % by 2025, with exports growing 28 % in the period as companies move factories to the low-wage country, the reports said.