Trade ministers from 12 nations in the Pacific Rim region have reached consensus on the trade liberalization pact that is seen to reduce trade barriers and set common standards for member countries, the China Daily reported on Monday, Oct.5.
According to the report, the deal could make a great impact on industries and affect everything from the price of cheese to the cost of cancer medication.
The report said that the Trans-Pacific Partnership (TPP) would also affect 40 percent of the world economy, once it is ratified by lawmakers in TPP countries.
The final round of negotiations started in Atlanta on Wednesday, Oct. 7, which discussed the monopoly period for next-generation biotech drugs.
Secret negotiations during its formation have made TPP deal controversial, which some groups have also perceived as threats to their employment.
During the negotiations, the teams had been deadlocked on the issue of the minimum period of protection to the rights for data used to make biologic drugs produced by companies such as Pfizer Inc., Roche Group's Genentech and Japan's Takeda Pharmaceutical Co.
While the U.S. wanted 12 years of protection for pharmaceutical companies to invest in expensive biological treatments, Australia, New Zealand and public health groups sought a period of five years to bring down the cost of drugs and expenses on state-subsidized medical programs.
Negotiators agreed on a compromise on minimum terms, short of the terms that U.S. negotiators had sought and that would effectively grant biologic drugs a period of years free from the threat of competition from generic versions, the report said.
The report added that the United States, Canada, Mexico and Japan also agreed on rules governing the auto trade within the TPP region in order to qualify for duty-free status.
The TPP deal also sets minimum standards on issues ranging from workers' rights to environmental protection, as well as guidelines on dispute settlement between governments and foreign investors separate from national courts.