After a marathon weekend negotiating session in Atlanta, trade ministers from the United States and eleven other countries reached a final agreement on the terms and text of the Trans-Pacific Partnership (TPP). The TPP is a multi-faceted trade agreement among Pacific Rim nations that account for approximately 40 percent of world GDP. In its “Fact Sheet” the White House states that the TPP reduces or eliminates 18,000 different taxes on Made-in-America Exports, most notably on automotive, communication technology and agricultural products. The White House also stresses that the Agreement expands fully-enforceable labor rights and provides the strongest environmental protections of any trade agreement in history.

The full text of the Agreement is not yet available for analysis, but the Office of the U.S. Trade Representative (USTR) has issued a “Summary” with highlights.

Haynes and Boone will provide continuous updates on the TPP as full text emerges, including possible business implications for various industries if Congress approves, and as this new comprehensive trade agreement begins to take hold.

For a summary of what the USTR is calling the “five defining elements” of the TPP and a short synopsis of each of the chapters of this new trade agreement, please click here.