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Singapore's central business district forms the backdrop for a PSA International port terminal.   © Reuters

11 nations agree in principle on TPP Pacific trade deal

Leaders look to officially rubber stamp deal on Friday

SHOTARO TANI, Nikkei staff writer | South Korea

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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