Pacific Rim states reach trade pact

Twelve Pacific Rim states have reached the most ambitious trade pact in a generation, aiming to liberalise commerce in 40% of the world’s economy.

The Trans-Pacific Partnership (TPP) pact struck in Atlanta could reshape industries, change the cost of products from cheese to cancer treatments, and have repercussions for drug companies and automakers.

Negotiators worked round the clock over the weekend to settle tough issues such as monopoly rights for new biotech drugs.