DANANG, Vietnam -- After months of negotiations, the 11 remaining members of the Trans-Pacific Partnership have achieved an agreement on the trade pact in principle at the ministerial level, a decision that could shape the future of business in the Asia-Pacific region for years to come.
"The 11 nations were able to reach a ministerial agreement," Japanese Economy Minister Toshimitsu Motegi told reporters after talks ended late Thursday on the sidelines of the Asia-Pacific Economic Cooperation meeting. "We have been able to agree on a deal that has high standards and is balanced. Creating a new, free and fair [trade] rule in a region experiencing high growth like the Asia-Pacific is very significant."
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