Trade Ministers Approve Trans-Pacific Partnership

Trade ministers from a dozen countries convened in Atlanta last week and, after five days of round-the-clock talks, reached agreement on the biggest trade deal in a generation.

The Trans-Pacific Partnership, a pact among the U.S., Japan, Australia, Vietnam and eight other countries around the Pacific—though not China—lowers trade barriers for goods and services ranging from poultry to building materials, and sets commercial rules for two-fifths of the global economy.

Supporters say it would be a boon for all the nations involved. U.S. industries as diverse as aerospace, agriculture and apparel lauded a historic deal, while pharmaceutical makers, tobacco companies and others criticized the pact as falling short in key areas. S