Trans Pacific Partnership awaits Congress approval

The signatories have also committed to remove trade barriers arising from the application of customs procedures or food safety measures.

Nagel added that the successful conclusion of the TPP deal “is a signal that ending the stalemate in the TTIP negotiations is possible”.

The TPP talks involve Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States and Vietnam.

Prime Minister John Key has already said numerous concerns people had are not reflected in final agreement: “For example, consumers will not pay more for subsidised medicines as a result of TPP and the Pharmac model will not change”.

Under the TPP, he said, New Zealand could find itself on the business end of massive lawsuits over drug patents – a $500 million lawsuit recently filed against Canada by an American pharmaceutical company was proof of that.

The name of the game when it comes to agricultural exports and imports is negotiation.

Together they make up around 40pc of the world’s economic output.

On Monday, in a statement on the agreement, President Obama said other countries should stand up to China’s trade practices.

Trade organisation the Distilled Spirits Council (DISCUS) said it has “supported efforts to conclude high-standard, ambitious and comprehensive trade agreements to open markets for United States spirits”.

The administration nevertheless faces a tough sale on the deal, which has attracted opposition from labor, environment and other liberal activist groups, who argue it will create too much competition for American workers and industries and give corporations too much leverage to challenge environmental regulations.

This week, the U.S. and 11 other countries signed up to a free trade agreement spanning the Americas and the Asia-Pacific region. The deal would have implications on India’s foreign trade as it would break down tariffs on thousands of goods and establish uniform rules of commerce, they say. “TPP is a major win not only for the beef industry, but for all USA export products, growing the economy while supporting jobs and investments in agriculture and technology”.

“The Malaysian government should be commended for initially tabling a proposal for a more comprehensive proposal to carve-out tobacco control measures entirely from the TPP”.

Saying she is anxious about currency manipulation not being included in the agreement along with lack of pharmaceutical price protections, Clinton said she opposes the current Trans-Pacific Partnership.