Asian states hail deal on largest free trade area

TOKYO: Asian members of the newly-minted Trans-Pacific Partnership hailed the deal to create the world’s largest free trade area, with Japan calling it the start of a “new century” for the region.

Delegates from 12 Pacific Rim nations finally managed to hammer out an agreement in Atlanta, Georgia on Monday – five years after the US-led talks first began. Spanning about two-fifths of the global economy, the hard-won deal aims to set the rules for 21st century trade and investment and press non-member China to shape its behaviour in commerce, investment and business regulation to TPP standards.