US-led deal also includes Japan, Australia, Brunei, Canada, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. Chile and eleven other countries achieved historic agreement and seal Transpacific trade pact. After five years of negotiations, representatives of the twelve countries involved in the Trans-Pacific Partnership Agreement (TPP, for its acronym in English) definitely sealed the alliance that covers 40% of the world economy.
This trade agreement led by the United States, also includes Chile, Japan, Australia, Brunei, Canada, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam and has been defined by President Barack Obama as "the commercial framework of the XXI century ". The document explained that negotiators from each country will continue to work in technical meetings to prepare a complete text, including a legal review and an eraser.
According realizes the Spanish newspaper El Pais, the pact had to overcome last minute clashes between the US and Australia by the new regulations of the pharmaceutical industry. USA wanted to impose a limit of 12 years of market exclusivity for drugs before allowing other companies employ the same formulas, to match the rules of TPP US law.
However, countries such as Australia defended for a maximum period of exclusivity of five to eight years, for fear that a delay in innovation increase costs and prevent the creation of generic drugs. The objective of the agreement is the reduction of trade tariffs and establishing new common rules among the 12 economies involved, besides the exchange of information and intellectual property.